We are excited to announce M12’s investment in Solve Intelligence’s $12mm Series A, alongside 20VC. Solve Intelligence is an AI-powered platform designed to assist patent attorneys and IP professionals in drafting high-quality patents efficiently.
In 2024, there were 3.55 million patent applications filed worldwide, according to the World Intellectual Property Organization (WIPO). This was a record high and the fourth consecutive year of growth. The global patent drafting service market was valued at USD 1.8 billion in 2023 and is expected to reach USD 3.2 billion by 2032, with a CAGR of 6.5%. Market growth is driven by the focus on innovation and intellectual property protection which is both costly and time consuming.
For example, patent applications across different regions typically cost tens of thousands of dollars and can take years to be granted. Disputed patents can cost between $100K-$1M+. The process is slow and expensive, stifling innovation and delaying market entry. Efficient software solutions for patents are needed. To date, most current IP software focuses on search, while drafting and responding make up most of the costs.
Solve Intelligence is uniquely positioned to help mitigate these costs as the platform offers comprehensive tools for full application drafting, including figure generation, figure drafting, and figure editing. It supports various technology-focused patents, such as mechanical, electrical, software, and chemical while exceling in drafting office action responses, providing jurisdiction-specific law citations, and integrating with patent offices for seamless document downloads and analysis. The company serves over 100 IP firms and in-house teams worldwide, achieving 60-90% efficiency improvements with AI recommendations that have an 85% acceptance rate on average.
Additionally, a good investment aligns with a clear thesis. Solve Intelligence aligns with several aspects of our legal technology thesis we’ve developed over the past two years due to its demonstrated capabilities in: (1) generating revenue for law firms and reducing costs for in-house teams (i.e., patent attorneys are often paid through flat fees so revenue and number of patents drafted are positively correlated); (2) increasing matter velocity (i.e., reducing the time to draft a patent); (3) strong emphasis on security (i.e., SOC2, GDPR, CCPA, and ISO 42001 certification); and (4) a founding team with a clear vision and chops to execute.
The importance of the team cannot be overstated as it represents the core ingredient of any startup. Solve consists of highly skilled AI PhDs, software developers, and patent attorneys, but its true strength lies in its dedication to customers. The team is committed to understanding user needs, addressing their challenges, and rapidly implementing solutions through timely release of new features and functionalities with breakneck speed. We look forward to collaborating with co-founders Chris Parsonson, Sanj Ahilan, and Angus Parsonson, along with the entire Solve team, to support their growth and journey ahead!
