Tradespace, a San Francisco, CA-based company has unveiled an AI-powered IP management platform designed to unlock the latent value in intellectual property (IP), a market estimated at $1 trillion, and also announced $4.2 million in seed funding.
SaaS Investors
The round was led by Eniac Ventures, with participation from Abstract Ventures, Amplo VC, and Scrum Ventures, bringing Tradespace’s total raised to $5.2 million.
Founded in 2009, Eniac Ventures is a venture capital firm based in New York, New York. The firm seeks to invest in United States-based companies operating in the business-to-business, consumer, enterprise, deep tech, fintech, healthcare, artificial intelligence, biotech, cannabis, sustainability, and web3 sectors.
Tradespace Use of Funds
The company will use the funds to deliver the first IP platform powered by a purpose-built large language model (LLM) trained on the largest dataset of open-source and proprietary IP data.
About Tradespace
Tradespace is a venture-backed software company that uses AI to enable organizations to build higher-quality intellectual property portfolios, evaluate new inventions, manage complex patent strategies, and discover high-value licensing opportunities. Its AI-powered IP Commercialization Platform reduces the time and money IP teams spend researching IP while uncovering new opportunities to create value from their portfolios through commercialization, partnership, financing, and M&A. The platform aims to empower IP leaders to build, manage, and commercialize high-value IP portfolios.
Tradespace has already generated over $100M in IP revenue for high-tech organizations, including AGC, BAE Systems, the Department of Defense, and leading research institutions like the Department of Energy, MITRE, and Northeastern University.
Funding Details
Company: Tradespace, Inc.
Raised: $4.2M
Round: Seed Round
Funding Month: November 2023
Lead Investors: Eniac Ventures
Additional Investors: Abstract Ventures, Amplo VC, and Scrum Ventures
Company Website: https://www.tradespace.io/
Software Category: IP Management
Source: https://www.globenewswire.com/news-release/2023/11/15/2781085/0/en/Tradespace-Secures-4-2-Million-in-Funding-to-Unlock-1-Trillion-In-Unrealized-IP-Revenue-with-AI-powered-IP-Management-Platform.html