MarqVision, an IP-protection-focused startup, closed a $20 million Series A 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
Investors in the round included DST Global Partners, Atinum Investments, SoftBank Ventures, Bass Investment, and Y Combinator.
MarqVision positions itself as a SaaS-based platform powered by artificial intelligence. The system monitors e-commerce marketplaces and non-fungible tokens (NFTs), identifying counterfeit products.
The team plans to deploy the raised funds to further develop the platform. Co-founder Mark Lee noted that the funding would give brand owners full control over their intellectual property.
Earlier, a hacker created counterfeit copies of Beeple’s NFT that sold for $69.3 million, to debunk the myth of the NFT’s uniqueness and security.
In spring 2021, luxury goods makers LVMH and Cartier, together with Italian fashion house Prada, created the Aura blockchain consortium to combat counterfeits of luxury items.
According to OpenSea, more than 80% of NFTs minted via the free mint option were plagiarised, counterfeit, or spam. Later, the leading marketplace introduced a suite of protections against IP infringements and fraud.
In May 2022, Prada announced a collection of non-fungible tokens in collaboration with Cassius Hirst.
In August, the jewelry brand Tiffany & Co. unveiled a series of pendants based on the CryptoPunks collection.
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