Y Combinator-backed startup Solve Intelligence has raised $12 million in a Series A funding, announced on Wednesday. This funding round was led by 20VC with the participation of Microsoft (via M12) and Thomson Reuters (via TRV), existing investor Y Combinator, and others.
Solve Intelligence, which was founded by Chris Parsonson, Sanj Ahilan, and Angus Parsonson makes use of artificial intelligence (AI) to speed up the work of intellectual property and patent lawyers. The startup believes that its tech is uniquely suited to the needs of patent attorneys who need both domain expertise and legal knowledge to do their work.
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Solve Intelligence offers an in-browser document editor that works like Google Docs but is powered by an AI model to help attorneys with the drafting and writing required for IP work and filing patents. The startup claims its AI can help with patent drafting, office action response, claim charting, and invention disclosure generation and enhancement.
Chris Parsonson told TechCrunch that the startup’s product is now used by 200 IP teams across the U.S., Europe, and Asia, including manufacturers like Siemens and Avery Dennison, as well as law firms DLA Piper and Finnegan — all without any sales or marketing staff.
“We now have millions of dollars in ARR, our revenue has been growing ~25% month-on-month since our launch, and we’ve hired a team of world-class patent attorneys, AI researchers, and software engineers,” Parsonson said. He also claimed that the company is now profitable.
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Solve Intelligence noted that it would make use of the latest funding to double down on R&D and product offerings. The AI startup claims that it is working with some of the largest pharmaceutical companies and top law firms in the world, and intends to focus on R&D investment to build more functionality for life sciences customers.
In addition, the company would expand their product offerings beyond AI patent application drafting and AI office action response prosecution into AI freedom to operate analysis, AI claim chart generation, AI patent licensing, and AI patent litigation, as well as AI patent portfolio analysis and AI management tools for in-house IP teams.