Successful Boise Entrepreneur Faisal Shah, Raises $5.5M For AppDetex
Faisal Shah is a successful Boise Idaho based entrepreneur. He’s also passionate about protecting people’s intellectual property rights, specifically in media.
Shah’s first startup, MarkMonitor, was founded in 1999. He and cofounder James Hepworth created a system that helped major companies “seeking to identify and snuff out online brand infringement.” The Idaho Statesman reported. Shah and Hepworth sold that company to Thomson Reuters in 2012 for a reported $400 million.
The duo was also able to sell MarkMonitor spinoff, First To File, for an undisclosed sum in 2013.
Now Shah is back at it again but this time with Chris Bura who was the CEO of AllDomains. The two met after MarkMonitor acquired the bay area based company. Bura and Shah launched AppDetex in 2015.
Their new startup allows subscribers to search through thousands of apps for sale in app stores to find copy cat apps. Thousands of apps that infringe on other apps, design, functionality and core business are uploaded to the Google Play store and the iTunes app store daily. AppDetex’s app, called Freemark is able to help brand holders uncover those infringing apps before they are actually published.
AppDetex has about 40 employees working in downtown Boise. They also raised $2 million dollars in 2015.
Now, the company has closed a $5.5 million dollar investment from Salt Lake City based venture capital firm, Epic Ventures.
“The low level of innovation along with the corporate brand omni-channel focus and shifting consumer buying patterns has created a significant opportunity for AppDetex,” Shah said in a statement, “Chris and I started AppDetex to provide global brands with cutting-edge technologies to combat online and mobile counterfeiting, piracy and fraud. It’s the primary reason we have come back into this exciting space.” AppDetex’s clients include companies in industries such as consumer brands, digital entertainment and media, financial technology, luxury brands, mobile gaming and social media. Companies trust AppDetex because of its founders well-established history in the brand protection space, experienced management team, innovative technology, and unique approach to protecting global brands online.
“We are thrilled to partner with the team at AppDetex and in particular with Faisal and Chris as they set out to once again transform the industry,” said Nick Efstratis, Managing Director at EPIC Ventures. EPIC is known for its track record of being the first institutional capital in industry leaders such as Ancestry, Instructure, Mozy and SolutionReach.
The company plans to use the funding to expand their sales and marketing staff. They will also hire more developers to help strengthen existing products and expand into new markets.
Shah is well known in the Boise startup community. He was inducted into the Idaho Technology Council’s Hall of Fame in 2016. He has also been involved in groups that funded startup competition, B-Launched and Trailhead, Boise’s startup accelerator.