NFT counterfeit detector MarqVision raises $20 million in Series A funding

MarqVision, a startup that detects and removes counterfeit merchandise utilizing AI, introduced Tuesday that it raised $20 million in Sequence A funding.

Buyers on this spherical embody DST International Companions, Atinum Investments, Softbank Ventures, Bass Funding and Y-Combinator, in keeping with a launch despatched to The Block.

MarqVision’s counterfeit detection spots counterfeit objects for not solely bodily objects however non-fungible tokens (NFTs) on over 1,500 on-line marketplaces. Thefts, plagiarism and fakes relating to NFTs are a frequent topic of complaints on crypto Twitter and are sometimes seen on the world’s largest NFT market, OpenSea.

With this new funding spherical, MarqVision intends to bolster its product improvement to additional defend mental property (IP) for manufacturers and content material creators.

“With this new spherical of funding, we are able to speed up our mission of constructing the world’s first IP working system to provide model house owners full management of their IP portfolios,” stated Mark Lee, co-founder and CEO of MarqVision, in a press release.

Many style manufacturers similar to Prada have eyed the blockchain areas as a technique to confirm merchandise and keep away from counterfeits, The Block beforehand reported.