Helsinki-based startup IPRally Technologies has raised €10 million in a Series A funding round led by Endeit Capital, along with previous investors Join Capital, Spintop Ventures, and Icebreaker.vc. IPRally provides AI-powered patent search and classification services and aims to become a one-stop-shop for AI-driven patent research and competitive intelligence. The funds will be used to expand the company’s operations and further develop its products.
IPRally enables Intellectual Property and R&D professionals to find, analyze and classify patent information much more efficiently through using proprietary AI. In an industry where AI initiatives have been more or less black box systems, IPRally shifts the paradigm to explainable AI that puts the control in the hands of the user. IPRally’s proprietary Graph Neural Network technology allows for both technical and semantic understanding of the global patent data, making the searches less dependent on exact keywords and technical expertise. The outcomes are huge time savings, higher precision and better-informed IP, R&D and business decisions.
“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. Customer feedback shows that we’re outperforming the competition and the industry has come to a point where transitioning to AI has become natural, if not inevitable. With this investment, we’re able to expand IPRally towards a more comprehensive patent insights platform that even more organizations can benefit from, without having to rely on multiple systems. 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”, said Sakari Arvela, CEO and Co-founder at IPRally.
“IPRally is Endeit Capital’s third Nordic investment from our third fund and led from our Stockholm office. We’re very excited to be working with IPRally which is based on our investment thesis of disrupting traditional industries with human assisted AI. 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 team to help grow IPRally”, said Jelle-Jan Bruinsma, Partner at Endeit.
”Over the past three years, the company’s development pace has been astounding, both in terms of key features and state-of-the-art search accuracy. The product has been adopted by some of the most well known companies in the world, and is rapidly becoming an essential strategic tool for the IP industry”, said Sami Niemi, Partner at Spintop Ventures.