San Francisco-headquartered IP management vendor Tradespace Inc. today (15 November) announced that it has raised $4.2m in seed funding and released an AI-powered IP management platform. The new capital will be used to deliver the platform, which is powered by a purpose-built large language model (LLM) trained on a dataset of open-source and proprietary IP data.
“IP has long been one of our economy’s most valuable assets, but it’s also been one of the most underutilized,” said Alec Sorensen, founder and CEO of Tradespace. “This new funding enables Tradespace to continue developing the most powerful, domain-specific AI models that will change how IP owners develop high-quality patents, identify their crown jewels, and create new opportunities for the business.”
Tradespace, which was founded in 2019, counts among its customers organizations such as AGC, BAE Systems, the Department of Defense, and leading research institutions like the Department of Energy, MITRE and Northeastern University. Its revenue has grown by 100% for the last three quarters.
“Tradespace provides unique visibility into our IP portfolio and is an invaluable resource for leveraging our world-class IP to drive new innovation and create value for shareholders,” said Scott Asmus, chief IP cCounsel at BAE Systems.
The funding round was led by Eniac Ventures with participation from Abstract Ventures, Amplo VC and Scrum Ventures, bringing the total raised to $5.2 million.
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