Solve Bags $40m More, Thomson Reuters Increases Its Stake

Solve Intelligence, the AI-driven patent startup, has raised a $40m series B round, taking their total funding to $55m. The new raise is just 6 months after their previous one – a sign of strong belief in their ability to grow.

The round was co-led by Visionaries and existing investor 20VC. Other current investors Thomson Reuters and Y Combinator also increased their ownership stakes, with Operator Collective, led by founder Mallun Yen, former Vice President of Worldwide Intellectual Property and Deputy General Counsel at Cisco, and others.

They said that 60% of customers are law firms (e.g. DLA Piper, Perkins Coie), and 40% corporates (e.g. Siemens, Avery Dennison), and that they are ‘becoming the platform for in-house and outside counsel IP teams to collaborate across every part of the patent process’, and that they now serve over 400 customers globally.

Founded in 2023 by CEO Chris Parsonson, CTO Angus Parsonson, and Chief Research Officer Sanj Ahilan (pictured), and based in San Francisco and London, Solve Intelligence is used for both patent preparation and prosecution.

They have a range of tools on offer now, including the new `Charts’ capability.

Charts can handle high-volume IP analysis and can generate ‘a wide range of customizable claim charts, including invalidity and standard-essential patent charts, freedom-to-operate and clearance analyses, infringement mappings’ and more, as it extracts insights from thousands of documents. Plus, to ensure there are no hallucinations, Solve also includes full citation support and ‘exposed AI reasoning’ to maximize transparency and trust in the output, they added.

The clients seem to be happy, at least the ones they’ve quoted, for example, Britten Sessions Principal at Zilka-Kotab, said: ‘I can draft a full non provisional application at similar quality to what I normally draft but with 60–80% time savings.’

And up to 80% time savings is no small thing on any complex legal task.

Plus, Paul Bonnet, General Partner, 20VC, added: ‘They have gone from strength-to-strength this year: their product velocity is truly unmatched, and it shows in the customer love they receive, and in the numbers. We could not be more excited to support them again, as they create the OS for IP.’

Overall, they are clearly doing very well in the IP segment, an area where there are now a raft of new patent AI startups – and older companies that have tapped LLMs – all battling it out for market share by using genAI. Thus, to get this kind of investor support in a crowded market space shows they are getting real traction that’s leading to healthy revenue projections.

Congrats to the team, more here.