Helsinki-based IPRally Technologies, a provider of AI-powered patent search and classification, announced on Tuesday that it has secured €10M in a Series A round of funding.
The round was led by Endeit Capital with participation from existing investors Join Capital, Spintop Ventures, and Icebreaker.vc.
IPRally says it will use the funds to accelerate its expansion and develop its product towards a complete one-stop shop for AI-driven patent research and competitive intelligence.
Make technical information accessible
Founded in 2018 by Sakari Arvela and Juho Kallio, IPRally Technologies‘ goal is to make technical information accessible, understandable, and actionable.
“Five years ago, we set out to take the pain points away from patent search and classification and to make it much faster and more accurate,” says Sakari Arvela, CEO and Co-founder at IPRally.
The Finnish company allows Intellectual Property and R&D professionals to find, analyse and classify patent information much more efficiently by using proprietary AI.
IPRally’s proprietary Graph Neural Network technology allows technical and semantic understanding of the global patent data, making searches less dependent on exact keywords and technical expertise.
“We are also coupling our graph technology with generative AI technologies to overcome issues associated with generative transformers, such as GPT-4, to enable unparalleled performance and user experience in various conventionally tedious IP tasks,” adds Arvela.
As a result, it allows intellectual property and R&D professionals to be more productive and make better decisions.
The platform is utilised by technology corporations, patent law firms, academic institutions, and public patent offices.
The Investor
Endeit is a Dutch/German scale-up investment company, currently investing in European scale-ups across 7 countries, supporting entrepreneurs in AI, deep learning, quantum computing, and democratised algorithms.
Out of the three home markets of Germany, The Netherlands, and Sweden, they invest with their current €303M fund in multiple European countries.
Jelle-Jan Bruinsma, Partner at Endeit, says, “IPRally is Endeit Capital’s third Nordic investment from our third fund and led from our Stockholm office. The combination of the team’s in-depth knowledge of patent workflows and the power of their proprietary technology provides an incredible opportunity to change this industry.”
“The team’s Graph AI platform was able to gain significant traction on an early version of the product and I’m very much looking forward to working with Sakari, Juho, and the team to help grow IPRally,” adds Bruinsma.
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