MarqVision, a startup that deploys AI to detect and remove counterfeit products on over 1,500 online marketplaces, announced that it raised $20 million in Series A funding. The round attracted the attention of DST Global Partners and Atinum Investments, as well as previous investors Softbank Ventures, Bass Investment, and Y-Combinator, who have already backed the company during its seed round in October 2021.
With the new funding, MarqVision plans to advance its product development and create a new platform that would allow brands to create, manage, protect and monetize their intellectual property rights.
According to the official statement, counterfeiting has become a massive problem for many industries, as the global market of brand knock-offs is expected to grow another 50% this year and will reach nearly $3 trillion in 2023.
“Creative assets are under assault in today’s digital world, with content owners left largely unprotected as consumers get hoodwinked into buying fake goods and NFTs by sophisticated counterfeiters,” said Mark Lee, co-founder and CEO of MarqVision. “With this new round of funding, we can accelerate our mission of building the world’s first IP operating system to give brand owners full control of their IP portfolios.”