Intellectual property focused technology startup Clairvolex has raised another ₹24.5 crore in its ongoing Series B round from California-based Walden Riverwood Capital and Indian venture capital firm IndusAge Partners. Earlier, the startup raised ₹56 crores in its first round of Series B funding.
It plans to use the fresh funds to strengthen the market reach of its AI-powered IP solutions platform LEAP and invest in expanding the startup’s international sales in the US and Europe. LEAP is an AI and ML-enabled patent portfolio development platform that enhance patent development and monetization capabilities. It helps companies build strategies for higher monetization at half the current level of investments.
“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 top 50 tech IP owners by 2025,” said CEO of Clairvolex, Manoj Pillai.
In the past, the startup raised ₹28 crores in its Series A funding. LEAP counts Agnus Capital, IndusAge Partners and Walden Riverwood Ventures as its investors.
Clairvolex claims to have access to more than 1.2 crore patent data records and 30,000 IP specific rules as well as 130 automated standard operating procedures supported by NLP algorithms to streamline patent prosecution. Clairvolex has clients like General Electric, Ericsson, Amazon, Qualcomm and Phillips in its pocket.