Tradespace, a software company specializing in helping companies manage intellectual property, or IP, has secured $4.2 million in funding to develop its AI-powered IP commercialization platform. The platform is powered by a large language model trained on a vast data set of open-source and proprietary IP data. The funding round was led by Eniac Ventures and brings Tradespace’s total capital raised to $5.2 million.
The platform works to automate the evaluation of new invention disclosures and reduce time and cost for IP teams by up to 40 percent. It also helps IP owners identify valuable patents, develop better IP strategies and create new revenue opportunities through monetization, partnerships and financing, as well as mergers and acquisitions. The company’s goal is to enable organizations to build higher-quality IP portfolios and unlock the full potential of their patents.
Tradespace has already generated over $100 million in IP revenue for organizations and research institutions such as AGC, BAE Systems and the U.S. Department of Defense. The company has also grown its revenue by 100 percent for the last three quarters.
