Wednesday, October 5, 2022

MarqVision Secures $20M Capital To Apprehend Counterfeiters

In a bid to combat the number of counterfeit items in the market, MarqVision, an AI software developer announced that it as raised $20 million in a Series A funding round.

Furthermore, the round enjoyed the presence of investors like Softbank Ventures, DST Global Partners, Atinum Investments, Bass Investment, and Y-Combinator. Although, the strategic round was co-led by London-based private equity firm DST Global Partners and Atinum Investment, the Seoul-based principal investment firm and venture capital (VC).

MarqVision is a software developer who designs platforms that are powered by artificial intelligence (AI) to detect counterfeit from online marketplaces.

MarqVision developed an AI-powered intellectual property protection platform that oversees online markets and their digital contents. It operates an automated mechanism that detects counterfeits and suspends them before distribution or any online sales. 

With the use of its AI-powered platform, it can offer clients modern methods for removing counterfeit brands from the markets.

So far, there are over 1500 marketplaces in which the AI-powered software developer has been actively involved. Brands like Ralph Lauren, Baccarat, Kangol, LVMH, and Pokemon are a few of MarqVision’s clients. They utilize the MarqVision software to identify inappropriate places where their products and brand have been listed.

Counterfeit NFTs Can Be Detected With MarqVision Software

Similarly, the MarqVision detection tool is also able to spot counterfeits in non-fungible tokens (NFTs) and not just physical properties.

The software comes in quite handy for the NFT market as theft, plagiarism, and counterfeiting plague the space too frequently. To illustrate, OpenSea, the world’s largest NFT market place recently began an investigation into a proposed hack on its platform. The hack was directed to its official Discord Channel deceiving users to click on a link to a phishing site.

Accordingly, MarqVision intends to deploy the $20 million fund to reinforce its product development in order to protect its customers’ brand IP rights.

MarqVision is burdened with the slow speed at which the counterfeit detection process is carried out. Hence, it plans to use this fund to expand its product offering and upscale its tools.

In the final analysis, MarqVision has secured a total of $25 million in funding rounds including the $5 million from its 2021 seed round.

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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