Clairvolex IP Solutions Pvt. Ltd, an Intellectual Property (IP) asset management and solutions firm, has raised $3.5 million (around Rs 24.22 crore at the current exchange rate) in a second tranche of Series B funding led by California-based venture capital firm Walden Riverwood Capital.
In a statement, Clairvolex said existing investor IndusAge Partners, a technology-focussed venture capital firm, also contributed
Clairvolex, which operates out of both India and the US, had earlier raised $8 million (around Rs 55.36 crore) as part of its Series B round. The latest tranche takes the total capital raised across the startup’s Series A and Series B rounds to $15.5 million (around Rs 107.26 crore at current rates), according to the statement.
Clairvolex said it has used the funding to build and launch LEAP-IP, an artificial intelligence-based IP solutions platform. It will use the fresh capital to boost the new product’s market penetration as well as expand its sales and marketing presence in the US and Europe. The company is also looking at adding more data science and engineering capabilities at its California and Bengaluru centres, the statement added.
Clairvolex chief executive officer Manoj Pillai said the startup had developed LEAP based on its experience in managing patent portfolios. “We are aiming to manage 10-15% of patents of the top 50 tech IP owners by 2025,” Pillai said, adding that the new product was currently being deployed for patent holders based in the US and Europe.
Founded in 2007 by Pillai, Clairvolex states on its website that it has clients in several sectors, and that it helps them by combining intellectual capital with its proprietary technology to manage and address issues surrounding patents and trademarks.
The company has more than 190 employees who are predominantly IP professionals, analysts and patent engineers. It has partnered with firms such as General Electric, Ericsson, Philips, Amazon and Qualcomm.
In 2015, the company raised funding in its Series A round led by Indus Age Partners. Anaqua Inc, a Boston-based intellectual asset management software company, also participated in that round.