Counterfeiting continues to be a key challenge for players in the luxury industry, costing brands and retailers tens of billions of dollars annually. That is a problem Los Angeles-based startup MarqVision is seeking to solve with its $20 million Series A funding.
The company’s AI-powered platform detects counterfeits with a claimed accuracy of 97% by monitoring more than 1,500 online marketplaces, popular social media platforms, NFT marketplaces, as well as gaming sites where counterfeit products are frequently sold.
Once fake products are detected, the company’s platform generates automated reports that are then sent to online marketplaces without human intervention, leading to faster removal of counterfeit products from various sales and distribution channels.
The company’s solution is already being used by luxury brands such as Ralph Lauren, LVMH, and Baccarat for monitoring channels where their products and branding are likelier to be misappropriated. Its solution is already contributing to more than 20,000 enforcements on a weekly basis, TechCrunch reported.
“Creative assets 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,” said CEO Mark Lee, who co-founded the company with DK Lee at the Massachusetts Institute of Technology in 2020.
“Unlike our competitors, which are forced to review manually in time-consuming processes, MarqVision’s process end-to-end is mostly automated,” he added.
The company plans to use its funding to develop a comprehensive IP operating system that will allow brands to manage, protect and better monetize their intellectual properties.