“Beyond removing counterfeits, to full IP management for brands and content”: MarqVision reaches KRW 13 billion in annual recurring revenue (ARR) three years after launch

• MarqVision passes $10 million (about KRW 13 billion) in ARR in the first quarter of this year, a little over three years after its official launch in early 2021
• Steady product expansion diversifies its services beyond counterfeit removal to IP protection and management, winning global brand customers
• Targeting $100 million (about KRW 130 billion) in ARR by 2027, with plans for a service that supports IP licensing
• MarqVision has grown remarkably as a SaaS company managing the full IP lifecycle and will cement its position in the global market

AI company MarqVision (CEO Mark Lee) announced that its annual recurring revenue (ARR) passed $10 million (about KRW 13 billion) in the first quarter of 2024, a little over three years after its service officially launched. ARR is a key measure of a software company's growth: the annual revenue expected over the next 12 months, assuming no new business and no churn.

MarqVision officially launched its service in 2021, detecting, analyzing and taking action against counterfeits with AI and software it developed in-house. Its ARR reached $1 million (about KRW 1.3 billion) eight months after launch, and as of the first quarter of this year it had grown more than 30-fold from the same period in 2021, proving the competitiveness of its service in the B2B software market.

The results come from ▲steady expansion of its products based on customer needs ▲winning brand customers in global markets and expanding into a wide range of industries. After Marq Commerce, which detects and removes counterfeits and unauthorized sales across 1,500 marketplaces in Korea and abroad, MarqVision launched Marq Content, a platform that automatically blocks illegal content, in 2022, and a global trademark watch service in 2023, steadily widening its scope.

Marq Commerce has steadily expanded its partnerships in Korea and abroad, winning leading international customers such as LVMH brands, MSCHF, CHAMPION and Beyond The Vines. More advanced technology has also let it extend detection beyond counterfeits to resale and unauthorized sales, driving demand across many industries. Last year, Marq Commerce detected more than 4.33 million counterfeits, resales and unauthorized sales.

The ability to protect works across many industries through Marq Content, from webtoons and web novels to online courses, was another key driver of revenue growth. The illegal content Marq Content caught and took action against in 2023 was worth about KRW 102 billion.

MarqVision aims to grow to $100 million (about KRW 130 billion) in ARR by 2027. It plans to advance its current IP protection products so that brands and content companies can solve the counterfeits, illegal content, unauthorized sales and online impersonation they face online in one place. Going beyond IP protection and management, it also plans to expand into supporting IP licensing operations, so the entire IP lifecycle can be handled on a single platform. It will build IP licensing services covering everything from drafting licensing documents to collaborations with local brands, sharing digital assets and distributing royalties, offering in one place  every service that brands and content companies earning revenue from IP need to expand globally.

“By staying focused on the services brands and content companies need, built on MarqVision's unmatched AI technology, business scope and ability to expand globally, we achieved strong results in a short time,” said Mark Lee, CEO of MarqVision. “We will keep focusing on the problems our customers face and grow into a full IP management company that manages the IP lifecycle of global brands and content companies.”