A startup that has developed an AI assistant to assist draft patents has simply secured a $15 million Collection A.
Paris and New York-based DeepIP needs to modernize and simplify the method of submitting patents — which might be notoriously prolonged within the US — for attorneys and professionals.
“Patents are the inspiration of capitalism. With out patents, firms cannot spend money on analysis and growth,” François-Xavier Leduc, the cofounder and CEO of DeepIP, instructed Enterprise Insider in an interview.
The startup says its platform can summarize massive paperwork, simplify advanced jargon, spotlight novel facets of the innovation, and spot any omissions within the patent draft.
It additionally helps customers draft patent claims by suggesting alternative routes to construction their arguments. Leduc stated DeepIP’s AI assistant is designed to work alongside a human patent practitioner moderately than exchange them.
“Whenever you begin growing an invention, you need to perceive all the area to ensure it is novel. Earlier than, all this work was extraordinarily restricted as a result of human capabilities,” Leduc stated. “AI permits us to completely perceive at scale, all the area, serving to firms to establish find out how to place their innovations, and ensure it is novel.”
The startup additionally says it usually assessments and validates its AI fashions to make sure there are as few hallucinations as attainable.
Investor urge for food for authorized know-how is excessive, with upstarts similar to Harvey raking in $300 million in funding final month at a $3 billion valuation. DeepIP says its platform is gaining traction amongst firms, in addition to regulation corporations similar to Schwegman Lundberg Woessner, and has already helped draft 8,500 patent functions.
DeepIP’s Collection A was led by VC fund Resonance, with participation from Headline, Serena Capital, and Balderton.
With the recent funding, DeepIP plans to proceed rising its product groups.
Try the 18-slide pitch deck used to safe the recent funding.
