LOS ANGELES – (BUSINESS WIRE) – Sep 28, 2021–
MarqVision, a next-generation AI-powered IP protection platform, today announced the closing of a $ 5 million funding round supported by SoftBank Ventures, Y Combiner and Low investment. The funding follows the graduation of MarqVision from the prestigious technology incubator Y Combiner as a summer 2021 cohort, where it developed its platform to automate the detection and reporting of counterfeits through image recognition and semantic analysis.
With annual counterfeit sales reaching $ 3 trillion last year, MarqVision has grown rapidly since its launch in 2020, with a monthly growth rate of 50% over the past six months. Additionally, MarqVision hit $ 1 million in annual recurring revenue after nine months, beating the standard rate for a SaaS startup.
The trademark protection industry is outdated, with 90% of detection and enforcement work being done manually. Traditional brand protection requires large operational teams to tackle the problem. Conversely, MarqVision automates the process with software and AI, resulting in productivity increases and cost savings for brands and retailers.
“MarqVision’s growth rate illustrates the universal problem of counterfeits,†said Mark Lee, CEO and co-founder of MarqVision. “Our mission is to help brands, retailers and markets navigate brand and intellectual property protection, and this latest fundraiser will allow us to do just that. “
With this funding round, MarqVision will expand the company’s infrastructure and increase application capabilities in Asia. Additionally, MarqVision launched its latest product, anti-piracy software to protect global content in the gaming, entertainment and animation industries.
“MarqVision is building a category-defining product in the intellectual property protection industry using the power of AI technology,†said JP Lee of SoftBank Ventures, who was a principal investor in the round table. “This investment allows MarqVision to accelerate its global expansion in the United States and Asia.
MarqVision expects to hold another increase in 2022.
About MarqVision
MarqVision helps global brands identify and remove fakes from online marketplaces like Amazon and Alibaba in over 30 countries. Counterfeiting is a massive and growing threat around the world, and MarqVision’s mission is to protect intellectual property with technology that allows brands to automatically monitor and protect their IP addresses. Leveraging image recognition and natural language processing, this AI-powered anti-counterfeiting SaaS helps remove counterfeits faster than ever. Founded in 2020 by Harvard law graduates and backed by Softbank and Y Combinator, MarqVision offers the next evolution in brand protection for businesses around the world. Learn more: www.marqvision.com
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SOURCE: MarqVision
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PUB: 09/28/2021 11:03 AM / DISC: 09/28/2021 11:03 AM
Copyright Business Wire 2021.
