MarqVision Raises $20M to Stop Online Counterfeiters

Samson Amore

Samson Amore is a reporter for dot.LA. He previously covered technology and entertainment for TheWrap and reported on the SoCal startup scene for the Los Angeles Business Journal. Send tips or pitches to samsonamore@dot.la and find him on Twitter at @Samsonamore. Pronouns: he/him

MarqVision Raises $20M to Stop Online Counterfeiters
Image Courtesy of MarqVision

Any Angeleno who’s been duped by a false designer item in the Fashion District understands the value of knowing exactly what is on sale – especially since to the average untrained eye, it’s hard to tell the difference between an authentic and a scam.


As ecommerce continues to grow and the global market is expected to hit $5.5 trillion this year, more brands are turning to digital loss prevention to stem losses – and prevent getting a bad rap for faulty fake products.

One local startup based in West Hollywood is betting that using artificial intelligence is the key to identifying counterfeit items and removing them from the marketplace by scanning over 1,500 online retailers across 115 different countries and comparing the minute details of their products to original items in order to weed out fakes.

MarqVision raised $20 million this week to continue developing its software that scans for counterfeit items in a bid to prevent fraud. It will also use the funding to expand its operations, with plans to open its first European outpost in Paris this fall (the company already has offices in Boston and South Korea).

The MarqVision platform. Image of what the MarqVision platform looks like. Image Courtesy of Marqvision

The company was incubated and funded by Y Combinator and launched two years ago. According to Pitchbook data, it has raised just over $28 million following this round from investors including SoftBank and South Korean firm Bass Investment.

CEO and Massachusetts Institute of Technology alumni Mark Lee co-founded MarqVision with Chief Business Officer Do Kyung Lee in 2020. Since then the company’s attracted clients including Niantic’s Pokemon, Seoul-based jewelers Didier Dubot and Ralph Lauren. MarqVision claims it removed $1 million worth of counterfeit Ralph Lauren merchandise in online marketplaces aimed at Korean shoppers as part of a case study.

Lee told TechCrunch Tuesday that the platform has a 97% accuracy rate and claimed the software can “process thousands of reports every hour” without the need for humans manually sorting and filing the paperwork to brands once they detect a fraudulent item. He also hinted that alongside physical merchandise, MarqVision might soon expand its platform’s capability to recognize counterfeit NFTs.

“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,” Lee told TechCrunch. “Unlike our competitors, which are forced to review manually in time-consuming processes, MarqVision’s process end-to-end is mostly automated.”

Subscribe to our newsletter to catch every headline.

Cadence

Genies Wants To Help Creators Build ‘Avatar Ecosystems’

Christian Hetrick

Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.

Genies Wants To Help Creators Build ‘Avatar Ecosystems’

When avatar startup Genies raised $150 million in April, the company released an unusual message to the public: “Farewell.”

The Marina del Rey-based unicorn, which makes cartoon-like avatars for celebrities and aims to “build an avatar for every single person on Earth,” didn’t go under. Rather, Genies announced it would stay quiet for a while to focus on building avatar-creation products.

Genies representatives told dot.LA that the firm is now seeking more creators to try its creation tools for 3D avatars, digital fashion items and virtual experiences. On Thursday, the startup launched a three-week program called DIY Collective, which will mentor and financially support up-and-coming creatives.

Read moreShow less

Here's What To Expect At LA Tech Week

Christian Hetrick

Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.

Here's What To Expect At LA Tech Week

LA Tech Week—a weeklong showcase of the region’s growing startup ecosystem—is coming this August.

The seven-day series of events, from Aug. 15 through Aug. 21, is a chance for the Los Angeles startup community to network, share insights and pitch themselves to investors. It comes a year after hundreds of people gathered for a similar event that allowed the L.A. tech community—often in the shadow of Silicon Valley—to flex its muscles.

From fireside chats with prominent founders to a panel on aerospace, here are some highlights from the roughly 30 events happening during LA Tech Week, including one hosted by dot.LA.

Read moreShow less

Former Amazon and Lyft Execs Launch Incubator and Tech Talent Hybrid Startup

Steve Huff
Steve Huff is an Editor and Reporter at dot.LA. Steve was previously managing editor for The Metaverse Post and before that deputy digital editor for Maxim magazine. He has written for Inside Hook, Observer and New York Mag. Steve is the author of two official tie-ins books for AMC’s hit “Breaking Bad” prequel, “Better Call Saul.” He’s also a classically-trained tenor and has performed with opera companies and orchestras all over the Eastern U.S. He lives in the greater Boston metro area with his wife, educator Dr. Dana Huff.
Former Amazon and Lyft Execs Launch Incubator and Tech Talent Hybrid Startup
Photo by Ryz Labs

RYZ Labs wants to be a one-stop shop for startups looking to scale up and add new talent.

California natives Jordan Metzner and Sam Nadler created RYZ Labs, and their résumés make it clear they’ve got the knowledge and experience necessary to help others hit the ground running. In 2006, the pair launched California Burrito Co., a chain restaurant with international reach; in 2013, they founded the “Uber for Laundry,” Washio. Add in Metzner’s five years at Amazon and Nadler’s time at Lyft, and you have a potent combination of industry savvy and entrepreneurial flair.

Read moreShow less
RELATEDEDITOR'S PICKS
LA TECH JOBS
interchangeLA
Trending