Seattle, USA-based SaaS trade secret management platform, Tangibly closed its Seed funding platform at USD 6.5 million. The company announced the closure on July 13, 2023. Madrona led the financing for the company. Meanwhile, Spike Ventures, Volo Ventures, Holt Ventures, MVP Ventures, Incisive Ventures, WS Investment Company (an affiliate of Wilson Sonsini Goodrich & Rosati) and DLA Piper joined in the funding.
Purpose of financing for Tangibly
With the latest proceeds from the seed round, Tangibly seeks to fund the expansion of its recently launched AI-powered Patent X-Ray™. The platform enables in-house legal teams and outside counsel to rapidly identify potential trade secrets associated with their issued and published patents.
What the company’s official has to add
Tim Londergan, Tangibly’s founder and CEO, said, “Trade secrets are fast becoming the most important category of intellectual property assets. 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. They are helping us accelerate our product roadmap and expand our go-to-market initiatives.”
What the investors have to add
Aseem Datar, Madrona Partner and Tangibly board member, further 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.”
About the company
Liat Belinson and Tim Londergan launched the company in 2021. Tangibly’s SaaS platform enables companies to implement best-in-class management of their trade secrets. Trade secrets can be almost anything, from algorithms to chemical processes to client lists and are among the most valuable assets for many companies.
Tangibly helps streamline and simplify legal requirements and implements best practices to establish company assets as legally protectable trade secrets. These best practices include cataloguing assets, acknowledgement workflow, access management, tracking required legal agreements (NDAs, employment agreements, partnership agreements, etc.), as well as employee/partner education and training.
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