Solve Intelligence Secures $12M Funding to Revolutionize AI in IP and Patent Workflows
Legal technology has witnessed significant advancements, yet many intellectual property (IP) and patent lawyers still rely heavily on traditional tools like spreadsheets, word processors, and PDFs. Enter Solve Intelligence, a groundbreaking startup based in Delaware that leverages generative AI to streamline the workflow of patent attorneys. This innovative solution is designed to meet the specific needs of legal professionals who require both domain expertise and legal insight in their practice.
Transforming Patent Workflows with AI
Solve Intelligence offers an intuitive in-browser document editor that functions similarly to Google Docs but is powered by advanced AI technology. This tool aids attorneys in various tasks associated with IP work, including:
- Patent Drafting: Streamlining the creation of patent applications.
- Office Action Responses: Assisting in timely and accurate responses.
- Claim Charting: Enhancing the presentation of patent claims.
- Invention Disclosure Generation: Facilitating a more efficient disclosure process.
Recent Funding and Growth
Recently, Solve Intelligence secured $12 million in a Series A funding round led by 20VC. This financial boost is expected to help the company expand its operations, capitalize on its growing customer base, and enhance its revenue streams.
According to Chris Parsonson, co-founder and CEO, the startup’s product is currently utilized by over 200 IP teams across the U.S., Europe, and Asia. Notable clients include renowned manufacturers like Siemens and Avery Dennison, along with prestigious law firms such as DLA Piper and Finnegan. Impressively, this growth has been achieved without any dedicated sales or marketing teams.
Consistent Revenue Growth
Parsonson highlighted that the company has reached millions in annual recurring revenue (ARR) and has experienced a remarkable 25% month-on-month revenue growth since its inception. The startup is now profitable and boasts a healthier financial position than when it initially raised $3 million in seed funding in 2023.
Innovations in AI for Legal Workflows
The rapid adoption of AI in legal contexts has contributed to Solve’s success. According to Sanj Ahilan, co-founder and Chief Research Officer, the advancements in AI technology have enabled the development of software tailored for patent workflows, which previously were not feasible.
“Eighteen months ago, it wasn’t possible to build software for patent workflows. Now it is,” Ahilan stated. The startup has successfully developed evaluations and algorithms that enhance the integration of off-the-shelf AI models like ChatGPT with professional-grade legal content.
Future Plans and Research Initiatives
The proceeds from the Series A funding will be utilized to:
- Scale the product further.
- Expand the team by hiring additional staff.
- Open a new office in New York.
With a current workforce of 15 employees, Solve plans to hire around 20 more in the coming year. Additionally, the company is investing in research and development (R&D) for life sciences applications, collaborating with large pharmaceutical companies and law firms to enhance its patent drafting capabilities.
Commitment to R&D
Parsonson emphasized the startup’s commitment to R&D, stating, “We’ll double down on R&D investment to build more functionality for life science customers.” This includes expanding its services to cover:
- Freedom-to-operate analysis.
- Claim chart licensing and litigation.
- Patent portfolio analysis and management tools.
Competitive Landscape
Solve Intelligence faces competition from several players in the legal tech sector, including PatSnap, IPRally, HarveyAI, and Casetext (which was acquired by Thomson Reuters for $650 million in 2023).
However, Parsonson believes that Solve’s strength lies in its AI output quality, customization options, and user experience. “Every patent attorney has a unique drafting style, and our platform allows users to customize the AI to fit their preferences,” he noted.
Strategic Partnerships
Strategic collaborations with major investors like Microsoft and Thomson Reuters will further enhance Solve’s capabilities. Parsonson explained how these partnerships will facilitate deeper integrations with existing platforms, such as Microsoft Word, thereby broadening the startup’s reach and impact in the legal tech landscape.
For more insights into the evolving world of legal technology, explore our articles on legal tech trends and AI applications in law.
