Copenhagen-headquartered SaaS scaleup PatentRenewal has secured €2 million from Vendep Capital, a Finnish early-stage investor. The company offers streamlined and efficient IP renewal services through its user-friendly web-based system, utilizing advanced automation technology and aiming to incorporate specialized AI. With the provided support, PatentRenewal is targeting to continue its expansion.
PatentRenewal.com has developed an easy-to-use digital platform where patent owners can renew their patents within a few clicks, follow their renewals process in real-time, see every different cost categories associated with their renewals, can do forecasts, and keep track of their documents in one place, all this, for a fraction of the usual market price.
“We have seen our IP owner friends struggle with their patent renewals for years, and this made us realize that the whole IP industry is very old-fashioned, ironically lacking innovation, with no digitalization regarding the processes. We want to liberate these innovators and companies by offering them a transparent, easy, and reliable alternative for a very affordable price. Who wouldn’t want to upgrade their current renewal setup, especially if they can cut costs at the same time?” says Mads Viborg Jørgensen, CEO and co-founder of PatentRenewal.com.
Different types of IP, including patents (which could be a design, process, improvement, or physical invention such as a machine), need to be renewed every year for a maximum of 20 years in most countries.
According to the World Intellectual Property Organization, global patent application numbers started booming during COVID-19, and have continually increased in the last years, creating even a greater need for both patent owners looking for a company to trust their important assets with, and IP renewal service providers to handle them. Most inventors, SMEs, and enterprises with patents still use law firms to this day to complete this simple transactional process.
“We are thrilled to invest in PatentRenewal.com, where the founders’ entrepreneurial background and the support of a strong network of industry experts create a strong foundation for success. Their disruptive approach to revolutionizing a stagnant industry is bold and refreshing, and we are excited to be a part of this innovative journey,” says Jupe Arala, General Partner at Vendep Capital.
PatentRenewal.com doubled its company size in just a year, and in 2023 they are planning to expand their business development and sales team to enter new Western markets, adding new hires to the team in key positions with the goal of becoming the Nr. 1 renewal service provider internationally.
