DeepIP has developed an AI assistant for drafting patents. Check out the pitch deck it used to raise $15 million.
DeepIP has secured a $15 million Series A investment to modernize patent drafting with AI.
The startup's AI assistant summarizes large documents and helps attorneys draft patents faster.
Check out the 17-slide pitch deck used to secure the fresh funding.
A startup that has developed an AI assistant to help draft patents has just secured a $15 million Series A.
Paris and New York-based DeepIP wants to modernize and simplify the process of filing patents — which can be notoriously lengthy in the US — for attorneys and professionals.
"Patents are the foundation of capitalism. Without patents, companies can't invest in research and development," François-Xavier Leduc, the cofounder and CEO of DeepIP, told Business Insider in an interview.
The startup says its platform can summarize large documents, simplify complex jargon, highlight novel aspects of the innovation, and spot any omissions in the patent draft.
It also helps users draft patent claims by suggesting alternative ways to structure their arguments. Leduc said DeepIP's AI assistant is designed to work alongside a human patent practitioner rather than replace them.
"When you start developing an invention, you have to understand the entire space to make sure it's novel. Before, all this work was extremely limited due to human capabilities," Leduc said. "AI allows us to fully understand at scale, the entire space, helping companies to identify how to position their inventions, and make sure it's novel."
The startup also says it regularly tests and validates its AI models to ensure there are as few hallucinations as possible.
Investor appetite for legal technology is high, with upstarts such as Harvey raking in $300 million in funding last month at a $3 billion valuation. DeepIP says its platform is gaining traction among corporations, as well as law firms such as Schwegman Lundberg Woessner, and has already helped draft 8,500 patent applications.
DeepIP's Series A was led by VC fund Resonance, with participation from Headline, Serena Capital, and Balderton.
With the fresh funding, DeepIP plans to continue growing its product teams.
Check out the 18-slide pitch deck used to secure the fresh funding.
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