US-India based IP Tech and Solutions firm Clairvolex has raised $3.5M as the second tranche of Series B round funding by California based Walden Riverwood Capital, and participated by IndusAge Partners. Earlier, the company had raised $8M in Series B and $4M in Series A, a combined raise of $15.5M. The funds were used to build and launch a new product – LEAP-IP, an Artificial Intelligence (AI) enabled IP solutions platform.
Clairvolex will invest the recent funds to deepen LEAP’s market penetration, expand sales and marketing footprint in the US and Europe. They are also looking at adding more data science and data engineering capabilities in both Bangalore and Los Altos, CA centers.
Manoj P, CEO, Clairvolex
Speaking on the occasion, Manoj Pillai, CEO of Clairvolex, said, “Patent Management & Monetization is a USD 180 Billion market globally. We developed our AI enabled tech platform, LEAP, based on more than a decade of our experience managing patent portfolios to deliver significant benefits to patent holders in the management, prosecution, and monetization of these assets. LEAP is currently being deployed for several large patent holders based in the US and Europe market. We are aiming to manage 10-15% of patents of the top 50 tech IP owners by 2025.”
Leap-IP is the first AI & Machine Learning (ML) enabled patent portfolio development the platform, incubated in India and engineered jointly with the Silicon Valley, for global markets to address the patent development industry. Powered by ML, AI, and automation, and with an extensive data at its backend, LEAP offers enhanced patent development and monetization capabilities, helping companies build patent portfolio strategies with potential for higher monetization at half the current level of investments. LEAP’s databases have access to over 12 million patent data records at the backend, more than 30,000 IP specific rules and at least 130 automated standard operating procedures supported by Natural Language Processing algorithms to streamline patent prosecution.
Close to 80% of all patents in the world brings zero returns to their owners. They are non-performing assets sitting as a cost center in the P&Ls of these companies. None of these patents support the company’s defensive, offensive or collaborative use of patents to protect or enhance their economic interests. Leap offers real-time valuable insights that can help companies develop & keep only valuable patents while optimizing the rest. Leap automates by leveraging AI, a significant amount of patent processes around building patent portfolios reducing costs by half while increasing quality & speed.
Clairvolex has over 190+ employees who are predominantly IP paraprofessionals, IP analysts & patent engineers with a 50+ technology product development team based out of Bangalore & Gurgaon. The company has a product management and technology leadership function based out of Silicon Valley. They currently have around 80 customers across the Hi-Technology patent owners market predominantly in US & Europe.