During his time at Harvard Law School, Mark Lee took a trademark law course and learned that over $3 trillion worth of counterfeit products are traded globally each year, a staggering figure that made him realize the enormity of the anti-counterfeiting industry. Although he initially intended to become a lawyer, after re-evaluating his career in law, he decided to embark on an entrepreneurial journey.
In one of his courses, Lee learned that the market for counterfeit products grew by 20% annually during the pandemic due to the popularity of online shopping. He believed that the issue of counterfeits is a global challenge that could be solved through computer vision technology, which he loved. Thus, he and his team founded MarqVision in 2021, a company focused on using AI technology to combat counterfeits and trademark infringement.
Currently, MarqVision has successfully completed a $48 million Series B funding round at its headquarters in Los Angeles, bringing the company's total funding to approximately $90 million. The funds from this round will be used to expand the AI and engineering teams by about half, to accelerate automation, and to integrate generative AI technology into their products. Another $10 million will be used to transform the platform into an enterprise-level solution to promote it to larger brand clients. An additional $10 million will be used for regional expansion, as MarqVision is active in the United States, South Korea, China, and Europe, and plans to enter the Japanese market.
This round of financing was led by Peak XV Partners, with participation from companies such as Salesforce Ventures, and existing investors including Y Combinator, Altos Ventures, and Atinum Investment also joined. Li pointed out that more top investors are seeking technology companies that can fundamentally transform services using AI, and the rise of AI has increased the total potential market size of the software industry to over $10 trillion.
MarqVision currently serves more than 350 clients worldwide, covering industries such as fashion, luxury goods, gaming, pharmaceuticals, entertainment, automotive, and consumer electronics. The company achieved $1 million in annual recurring revenue within eight months, reached $10 million after three years, and recently surpassed $20 million, maintaining a 100% year-over-year growth rate.
Li said that their goal is to achieve $100 million in annual recurring revenue by mid-2027. Although the growth rate may be faster, they prioritize providing the best customer experience and building a scalable AI-driven infrastructure.
Looking ahead, MarqVision hopes to become the infrastructure for all intellectual property brands around the world, dedicated to providing an AI-driven service platform for professionals in intellectual property, content, and branding.
Key Points:
🌍 MarqVision uses AI technology to fight counterfeits and trademark infringement, having raised $48 million so far.
💡 The company plans to expand the AI and engineering teams and elevate the platform to an enterprise-level solution.
📈 MarqVision aims to achieve $100 million in annual recurring revenue by mid-2027, dedicated to serving global brands.
