IP-focused startup MarqVision closes $20M Series A funding round.
@MarqVision grabs $20M to nab counterfeiters with an AI-powered IP protection platform https://t.co/lyyoXLwqf2 by @techcrunch
— MarqVision (@MarqVision) August 2, 2022
The round was attended by DST Global Partners, Atinum Investments, Softbank Ventures, Bass Investment and Y-Combinator.
MarqVision is positioned as SaaSplatform based on artificial intelligence. The system monitors the e-commerce and non-fungible token (NFT) markets for counterfeit products.
The startup team plans to use the raised funds for the further development of the platform. MarqVision co-founder Mark Lee notedthat the funding would allow brand owners to have “full control” of their intellectual property.
Previously, a hacker created fake copies of an NFT sold for $69.3 million from the artist Beeple to debunk the myth about the uniqueness and safety of tokens.
In the spring of 2021, luxury goods manufacturers LVMH and jewelry makers Cartier, together with the Italian fashion house Prada, created the Aura blockchain consortium to combat counterfeiting of luxury goods.
According to OpenSea, more than 80% of the NFTs created with the free release option were plagiarized, fake or spam. Later, the leading marketplace implemented a number of solutions to protect against intellectual property infringement and fraud.
Recall that in May 2022, the Italian fashion house Prada announced a collection of non-fungible tokens together with Cassius Hirst.
In August, jewelry brand Tiffany & Co. introduced a series of pendants based on the CryptoPunks collection.
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