Solve Intelligence, a genAI-driven IP startup, has gained $12m in Series A funding from: 20VC (lead), Microsoft (via Microsoft’s Venture Fund), Thomson Reuters (via Thomson Reuters Ventures), Y Combinator, and others.
The platform helps inventors, in-house IP teams, and outside legal counsels ‘with every part of the patent process, e.g. harvesting invention disclosures, drafting patent applications, responding to office actions, freedom to operate analysis, claim charting, licensing, litigation’, they explained.
They have built evaluations and algorithms to bridge the gap between the output from off-the-shelf AI models such as ChatGPT and professional-grade legal content, they added.
Customers include DLA Piper and Siemens among others. In 2023, they gained $3m in funding. Since starting in Y Combinator 18 months ago, the startup’s revenue has grown 25% month-on-month, they added.
Today, Solve’s platform is being used by over 200 IP teams across the US, Europe, and Asia, they added, and they pointed out that: ‘The patent market is big. Over $150 billion in annual revenue is generated globally from licensing patents.’
CEO, Chris Parsonson, said: ‘All our growth has come organically by building the best product on the market for patent attorneys. We’ve never lost in a head-to-head with a competitor. Now is the right time to scale rapidly.
‘There’s very little software penetration in this space. Most patent work is being done inside Word, email, and PDF preview. There are a lot of inefficient and poor-quality workflows’.
Co-founder and Chief Research Officer, Sanj Ahilan, added: ‘18 months ago, it wasn’t possible to build software for patent workflows. Now it is.’
And here are some of the things it can do – as you will see, it’s multi-modal, e.g. it can handle chemical structures.
Generate invention disclosure forms – Standardize and streamline invention disclosure drafting for your inventors and R&D groups.
Customize the invention submission process – Configure the questions to ask inventors and generate the invention disclosures tailored to your specific needs.
Manage your disclosures all in one place – Track and manage the status of invention disclosures, submissions, and your inventors.
Patent Application Drafting – Interactively draft applications with AI Illustration. Full and partial application drafting while keeping the attorney in the driving seat every step of the way.
Fit any workflow and any application type, including standalone patent applications, continuation patent applications, divisional patent applications, continuation-in-part patent applications, and design patent applications.
Customize the AI to your unique drafting style, and switch between different styles for different jurisdictions, technology fields, clients, and individual attorney preferences.
Collaboratively draft responses with AI – Collaborative office action response drafting, including generating complete office action responses aligned with your writing style, drafting complete claim listings and claim amendments, and built-in citations to source documents and case law.
Generate, analyze, and edit figures, chemical structures, biological sequences, and more. Built for any and all practice groups and technology areas.
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As explored before, the patent space has seen a lot of action with genAI startups. Why? Because genAI has language understanding, and that is essential for high value outputs from complex IP materials.
The fact that TR and Microsoft are investing is also impressive and shows how much they believe this sector will change in the coming years.
You can find more information about Solve here.