In an exciting development for the patent industry, Solve Intelligence has successfully raised $40 million in a Series B funding round. This notable achievement brings the company’s total funding to $55 million, following their earlier $12 million Series A round. With this fresh capital injection, Solve Intelligence aims to revolutionize the burgeoning $200 billion patent sector. Remarkably, the company has already reached profitability, generating more cash than it has ever raised since its inception. They have also seen a staggering increase in annual recurring revenue, which has skyrocketed by more than tenfold over the past year, reaching eight figures.
Currently, over 400 intellectual property (IP) teams across six continents utilize Solve's innovative platform. Approximately 60% of these users are law firms, including prominent names like DLA Piper and Perkins Coie, while the remaining 40% consist of corporate IP departments from companies such as Siemens and Avery Dennison.
"When we assessed Solve, it was clear they were significantly ahead of their competitors in both technical prowess and a genuine understanding of the challenges faced by patent professionals," stated Larissa Bifano, a partner at DLA Piper. Richard Timmer, a Senior Patent Agent at Brown Rudnick, remarked on the superiority of Solve's platform in the life sciences and chemical fields, saying, "Solve stands head and shoulders above every other tool we experimented with."
Founded in 2023 by a dynamic team including CEO Dr. Chris Parsonson, who holds a PhD in AI from University College London, CTO Angus Parsonson, and Chief Research Officer Dr. Sanj Ahilan, Solve Intelligence operates out of offices in San Francisco and London. Their platform streamlines every aspect of the patent lifecycle, from gathering inventor ideas and drafting applications to responding to office actions, managing continuations and divisionals, and coordinating global filings. It is versatile enough to support all major technical domains, including software, hardware, and life sciences, covering intricate biological sequences and chemical structures.
Users of Solve report phenomenal improvements in efficiency without compromising quality. For instance, Britten Sessions, Principal at Zilka-Kotab, shared, "I can draft a complete nonprovisional application at the same quality level in 60-80% less time." Joel David Briscoe, IP Advisor at Panoramix, echoed this sentiment, stating, "Solve has provided us with three times the speed while maintaining exceptional quality."
Since the launch of their Series A, weekly user activity has surged by 265%, reflecting the growing trust and reliance on Solve's capabilities.
One of the standout features of Solve is its unwavering commitment to security and confidentiality—an essential factor in the world of intellectual property. Josh Snider, Special Assistant Attorney General for Colorado, emphasized, "Solve integrated security into the product from the very beginning, rather than as an afterthought."
The platform's development draws on the expertise of leading AI researchers from esteemed institutions such as Cambridge, Oxford, UCL, and Imperial College London, combined with seasoned patent attorneys from top law firms like Hoffmann Eitle, Quarles & Brady, Dentons, Fish & Richardson, and Carpmaels & Ransford. The software seamlessly integrates with Microsoft Word, fostering a collaborative environment for both in-house teams and external counsel.
In conjunction with the Series B funding, Solve is unveiling a new product called Charts. This advanced AI tool is specifically designed for patent litigation and high-volume IP analysis. Charts can rapidly create customizable claim charts for various purposes, including:
- Invalidity and standard-essential patent analysis
- Infringement mappings
- Freedom-to-operate and clearance reviews
- Claim construction
- Portfolio-level assessments
This powerful tool can analyze thousands of documents simultaneously, extracting valuable insights and producing fully cited outputs that include visible AI reasoning, ensuring maximum transparency and trust. Additionally, firms can incorporate their unique expertise into proprietary AI styles and reusable templates, securely shared within their organization.
Strong investor support accompanied this $40 million funding round, featuring both new and returning investors, including several distinguished angel investors and industry leaders.
Helen H. Liang, PhD, the Founder and Managing Partner of FounderX Ventures and an early investor in Solve Intelligence, remarked, "In an industry as intricate and conservative as intellectual property, Chris Parsonson has created something exceptional: a product that not only garners the trust of elite patent attorneys but also receives their enthusiastic endorsement. In just two years, with over 400 leading IP teams as clients, Solve isn't merely riding the AI wave; it is defining a new category for AI in patents."
With a solid product-market fit, profitability, explosive growth, and now a focused litigation-grade product, Solve Intelligence is swiftly positioning itself as the go-to AI platform for global law firms and major technology companies' in-house IP legal teams.
About Solve Intelligence:
Solve Intelligence is an innovative AI platform designed to assist legal professionals throughout the entire patent process. The company has gathered a top-tier team of patent attorneys, AI PhDs, and software developers to create solutions for patent application drafting, office action responses, invention harvesting, claim charting, infringement analysis, freedom to operate assessments, validity challenges, patent litigation, and much more. Currently, they provide their completely secure and confidential software to over 400 IP firms and in-house teams across the United States, Europe, and Asia, with clients reporting efficiency gains ranging from 60% to 90%.
