The Los Angeles-based Al-powered startup, known for its design to detect and remove counterfeit luxury goods on several online marketplaces, is broadening its services to spot and report plagiarized NFTs.
The startup announced that it had secured $20 million in Series A funding, a round that captured the interests of DST Global Partners and Atinum Investments, previous investors Softbank Ventures, Bass Investment, and Y-Combinator, that backed the company in its seed round in October 2021.
MarqVision plans to advance its product development and create a new platform to make provisions for brands to create, manage, protect and monetize their intellectual property rights.
The official statements made it known that counterfeiting is currently a huge problem for several 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.
Mark Lee, the CEO and co-founder of MarqVision, “creative 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.”
“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.” He further stated.