Company raises additional $16M in funding to combat the increasingly complex $2 trillion global counterfeiting problem; MarqVision’s latest research uncovered that over 70% of consumers unintentionally purchase counterfeit goods, revealing troubling new trends for consumers and brands alike
LOS ANGELES, Oct. 2, 2024 /PRNewswire-PRWeb/ — MarqVision, the leader in online brand protection, today announced its launch of Marq AI, a powerful suite of advanced generative AI products designed to revolutionize how businesses protect and enhance their brands. In addition to unveiling industry-leading capabilities, MarqVision disclosed that it added $16 million in funding from Altos Ventures, extending its Series A round. The company will use the funds to aggressively scale as demand for its services surges worldwide– in the last three years, the company has grown 30x in annualized revenue.
“We have consistently demonstrated our commitment to build disruptive products by leveraging the very latest technology, coupled with compelling research, to protect brands and ultimately consumers. Marq AI is the next bold step forward.”
“With the additional funding from Altos Ventures, we are developing the next generation of outstanding online brand protection solutions, starting with Marq AI,” said Mark Lee, CEO and co-founder of MarqVision. “We have consistently demonstrated our commitment to build disruptive products by leveraging the very latest technology, coupled with compelling research, to protect brands and ultimately consumers. Marq AI is the next bold step forward.”
Applying Generative AI to Stamp Out the $2 Trillion Global Counterfeiting Problem
Since MarqVision’s founding just four years ago, the global counterfeiting market has escalated dramatically, now exceeding $2 trillion annually—a staggering 115% increase over the past eight years.
MarqVision has emerged as a leader in the fight against counterfeiting, establishing a strong track record of quickly identifying and seamlessly removing counterfeit listings, as well as protecting trademarks and successfully collaborating with local government officials to shut down counterfeiting operations all over the world. With its new Marq AI product suite, the company incorporates generative AI to become even more efficient and effective.
Marq AI’s capabilities include:
Conversational Assistant: Conversational commerce has ballooned in recent years, leading to an increase in unmonitored counterfeit transactions hidden within social media messages. Marq AI’s advanced Conversational Assistant can infer which messages are selling counterfeits across multiple languages, and swiftly gather the evidence that brands need for enforcement. It boasts a 99%+ accuracy rate.Interactive, Intelligent Dashboards: Marq AI’s newly redesigned dashboards go beyond detection numbers; they provide detailed insights into why each item is flagged as counterfeit. Users can give real-time feedback on detections, allowing enforcement strategies to be tailored precisely to the brand’s unique needs—something no other company currently offers.Automated Copyright Infringement Workflows: Piracy is growing at an unprecedented rate, with visits to piracy sites up 36% since the pandemic. The need for rapid and effective removal of copyright-infringing content from illegal websites is more pressing than ever. Marq AI’s Automated Copyright Enforcement Workflows transform the manual, time-consuming processes of website data collection, email dispatch, and enforcement actions into streamlined, automated solutions. This cutting-edge feature reduces the time spent on these workflows from 20 hours per week to just a few clicks.Smart Enforcements: With customer collaboration, Marq AI’s models are continuously trained throughout the counterfeit detection process. These models are now able to automate enforcement actions, such as generating soft notices and FSDs, across all the above features, helping our customers save up to 180x the time previously required.
Built to Address the Latest Trends
MarqAI was designed in response to the company’s latest research, which underscores the complexity of modern operations. For example, one out of every three counterfeit products are purchased on a completely different platform than where they were initially advertised, demonstrating how increasingly adept counterfeiters are at evading detection. Counterfeiters are also making use of AI-powered chatbots, with 3.0% of counterfeit purchases now enabled through chatbot transactions, allowing them to hide behind direct messages that make it harder for brands to detect.
Despite ongoing efforts by brands to enforce their IP rights, counterfeiters continue to outpace many protection strategies–and are getting better at duping consumers from knowing authentic products from fake ones. As 71.6% of consumers unintentionally purchase counterfeit goods while seeking authentic items, the need for robust and adaptive IP enforcement strategies has never been greater.
“We’ve followed Mark, the CEO of MarqVision, and his team for years, admiring their unwavering commitment to innovation and value creation,” said Tae Yoon, Partner at Altos Ventures. “MarqVision has consistently demonstrated its ability to navigate the challenges posed by emerging channels, where counterfeiters have become more prevalent. Their forward-thinking approach, supported by an AI-driven product suite, is shaping the future of brand protection and helping companies safeguard their assets in the evolving digital economy. We’re excited to support them as they continue to lead with this vision.”
To learn more about all that MarqVision offers and its latest developments with Marq AI, please visit www.marqvision.com.
About MarqVision
MarqVision’s mission is to protect and build a future shaped by original ideas, innovations, and creativity. As a leading online brand protection solution, we help global brands identify and remove counterfeits from over 1,500 platforms and thousands of rogue websites in over 118 countries. In a time when counterfeiting poses an increasingly serious challenge, we believe that democratizing legal expertise and access to the latest in generative AI technology is critical for continuing to support the inventors, developers, and artists of the world who work tirelessly to deliver safe, high-quality products.
MarqVision’s technology powers everything from detection, monitoring, and even enforcement to protect brands at scale. Founded in 2020 by Harvard Law graduates, MarqVision is proudly backed by DST Global Partners, Softbank, Atinum Investments, Altos Ventures, Bass Investment, and Y Combinator. Our commitment to innovation has also been recognized with a prestigious 2022 Innovation Award from LVMH Louis Vuitton Moët Hennessy (LVMH), and we are honored to be part of the LVMH accelerator program, La Maison des Startups, at the Station F incubator. As we bring forth the next evolution of brand protection, we invite businesses everywhere to join us in safeguarding the creativity that drives our world.
Media Contact
Amber Moore, Moore Communications, 1 5039439381, amber@moorecom2.com
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SOURCE MarqVision
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