MarqVision, a startup that detects and removes counterfeit products using AI, announced that it raised $20 million in Series A funding.
Investors in this round include DST Global Partners, Atinum Investments, Softbank Ventures, Bass Investment and Y-Combinator.
MarqVision’s counterfeit detection spots counterfeit items for not only physical items but non-fungible tokens (NFTs) on over 1,500 online marketplaces. Thefts, plagiarism and fakes regarding NFTs are a frequent subject of complaints on crypto Twitter and are often seen on the world’s largest NFT marketplace, OpenSea.
With this new funding round, MarqVision intends to bolster its product development to further protect intellectual property (IP) for brands and content creators.
“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,” said Mark Lee, co-founder and CEO of MarqVision, in a statement.
Many fashion brands such as Prada have eyed the blockchain spaces as a way to verify products and avoid counterfeits.