Tangibly raises $6.5m for trade secret management SaaS platform
Tangibly, a SaaS platform specializing in trade secret management, today confirmed the completion of its oversubscribed Seed financing round, amassing $6.5 million.
The investment was led by Madrona, with other participants including Spike Ventures, Volo Ventures, Holt Ventures, MVP Ventures, Incisive Ventures, WS Investment Company (an affiliate of Wilson Sonsini Goodrich & Rosati), and DLA Piper. This investment is geared towards broadening the capabilities of Tangibly’s recently launched AI-powered tool, Patent X-Ray, which aids in-house legal teams and outside counsel to swiftly pinpoint potential trade secrets linked to their published and issued patents.
Aseem Datar — Madrona Partner and Tangibly board member said: “The Tangibly team has been looking around a very interesting corner since 2021 and have anticipated a critical and rapidly growing need in the area of trade secret management.
“AI can be applied to so many industries, the power comes when experts and internal enterprise data come together. We are excited to back this talented team that offers global enterprises a valuable platform for innovation intelligence across their Intellectual Property portfolio.”
Trade secrets, encompassing elements such as algorithms, chemical processes, and client lists, are deemed to be a critical part of a company’s intellectual property portfolio. They offer significant value to many companies and can be protected if properly identified, recorded, and integrated into company processes.
Tangibly’s platform facilitates this process, offering integrated workflows for product and legal teams, thus assisting in the implementation of best practices to establish company assets as legally protectable trade secrets.
The Seed funding will also be utilized to refine the next iteration of Patent X-Ray, presently in internal testing. This enhanced tool can be employed during the patent drafting procedure, providing guidance on the information to be disclosed in the patent and the data to be safeguarded as a trade secret.
In the complex landscape of trade secret laws, enforcement and reduction of theft necessitate proactive documentation, tracking, and education – an overwhelming task for most companies. Through Tangibly’s SaaS platform, companies are able to streamline this process and achieve superior management of their trade secrets.
Tim Londergan — Tangibly founder and CEO said: “Trade secrets are fast becoming the most important category of intellectual property assets, and the need for better enterprise tools to manage them is clear to global enterprises across industries.
“We are thrilled to have such a high-quality group of investors helping us accelerate our product roadmap and expand our go-to-market initiatives.”