IP-focused startup MarqVision has closed its $20 million Series A funding round.

DST Global Partners, Atinum Investments, Softbank Ventures, Bass Investment and Y-Combinator participated in the tour.

MarqVision is positioned as: Software as a ServicePlatform based on artificial intelligence. The system monitors the e-commerce and non-refundable token (NFT) markets for counterfeit goods.

The startup team plans to use the funds raised for the further development of the platform. MarqVision co-founder Mark Lee said the funding will allow brand owners to have “full control” over their intellectual property.

Earlier, a hacker created fake copies of an NFT from artist Beeple that sold for $69.3 million to debunk the myth about the uniqueness and security of tokens.

In the spring of 2021, luxury goods manufacturers LVMH and jewelery makers Cartier, together with Italian fashion house Prada, formed the Aura blockchain consortium to combat luxury goods counterfeiting.

According to OpenSea, more than 80% of NFTs created with the free version option were plagiarism, fake or spam. Later, the leading market implemented a number of solutions to protect against intellectual property infringement and fraud.

Recall that in May 2022, the Italian fashion house Prada announced a collection of non-tradable tokens with Cassius Hirst.

In August, jewelry brand Tiffany & Co. Introduced a line of necklaces based on the CryptoPunks collection.

Read ForkLog bitcoin news in our Telegram – cryptocurrency news, courses and analysis.