AI Startup Tackling Online Counterfeits Secures $48 Million in Funding
Beijing – Chinese artificial intelligence startup, Komoore Tech, has raised $48 million in a funding round lead by Peak XV Partners and HongShan, as the fight against online counterfeiting intensifies. The new capital will fuel the company’s expansion and further development of its AI-powered platform designed to detect and remove fake products from e-commerce sites.
The surge in online shopping has created a breeding ground for counterfeit goods, costing brands and consumers billions annually.Komoore Tech’s platform utilizes advanced machine learning algorithms to identify fraudulent listings, protect brand reputation, and safeguard consumers from substandard or perilous products. This funding arrives as brands increasingly seek sophisticated technological solutions to combat the growing sophistication of counterfeiters, and as regulatory scrutiny of online marketplaces increases.
Komoore Tech’s technology focuses on identifying and removing counterfeit listings across major e-commerce platforms. The company claims its AI can analyze product images, descriptions, and seller behavior to pinpoint perhaps fraudulent activity with high accuracy. The platform then automates the process of reporting and removing these listings,reducing the burden on brands’ legal and enforcement teams.
Peak XV Partners and HongShan’s investment signals strong confidence in Komoore Tech’s ability to address a critical pain point for businesses operating in the digital marketplace. The company intends to use the funding to expand its engineering team, enhance its AI capabilities, and broaden its reach to new markets and e-commerce platforms.