NFT Fraud Detection Startup Yakoa Raised $4.8 Million In A Seed Funding Round

Yakoa, an NFT fraud detection startup, has raised $4.8 million in a seed funding round.

Together with Uniswap Labs Ventures, Alliance DAO, Orange DAO, Time Zero Capital, Sunset Ventures, and others, Brevan Howard Digital, Volt Capital, and Collab+Currency co-led the round.

Andrew Dworschak and Graham Robinson, two friends from high school, established Yakoa in February.

Dworschak discovered that his research could be applied to the NFT space while studying and researching artificial intelligence and intellectual property at Stanford University. He said that one of the most common attacks Yakoa sees is people making copies of NFTs and claiming them as their own work.

Dworschak said in the interview with TechCrunch:

“In terms of blockchains, having every blockchain is on our road map. The belief we have is it doesn’t matter where you mint IP or publish an address, what matters is that it’s publicly verifiable.”

In order to alert platforms, brands, or creators of these fraudulent activities, Yakoa offers tools and an indexer that can detect copies or infringement probabilities on original NFTs, ranging from direct forgery to partial or stylistic forgery.

Yakoa intends to grow its staff now that it has access to additional equity money, according to Robinson. Currently, the company employs less than ten employees, but he stated that the company soon hopes to reach a staff size of about twenty.

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