IPRally Technologies, a Helsinki, Finland-based, a provider of AI-powered patent search and classification, announced that it secured €10 million 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.
The funds will be used to accelerate its expansion and develop its product toward a complete one-stop shop for AI-driven patent research and competitive intelligence.
“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.
“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.
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.
The platform is utilized by technology corporations, patent law firms, academic institutions, and public patent offices.
Company: IPRally Technologies Ltd.
Raised: €10.0M
Round: Series A
Funding Month: March 2023
Lead Investors: Endeit Capital
Additional Investors: Join Capital, Spintop Ventures, and Icebreaker.vc
Company Website: https://www.iprally.com/
Software Category: AI Patent Search and Classification
About the Company: Founded in 2018 by Sakari Arvela and Juho Kallio, IPRally Technologies is an AI startup that makes the global patent literature more accessible and easy to understand, by providing transparent AI technology for patent searches. It offers a brand new way of searching and classifying patents – knowledge graphs combined with supervised deep learning AI. The company allows intellectual property and R&D professionals to find, analyze, and classify patent information much more efficiently by using proprietary AI. IPRally Technologies' goal is to make technical information accessible, understandable, and actionable.
Source: https://siliconcanals.com/news/startups/iprally-technologies-bags-10m/