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Tradespace, an IP management platform, raised $15 million in Series A funding led by AVP, co-founder and CEO Alec Sorensen tells Axios Pro exclusively.

Why it matters: AI is coming for the $17.2 billion intellectual property legal services market.

Zoom in: Existing investors Eniac Ventures, Amplo VC, and Scrum Ventures also participated in the round.

Tradespace has now raised over $21 million since it launched in 2018.

How it works: Tradespace uses generative and agentic AI to help users more efficiently research, record and draft patents, as well as navigate feedback from the U.S. Patent and Trademark Office.

"It is a full end-to-end system of record, the database and the agents, and that's, I think, what is unique," Sorensen says.

Catch up quick: Tradespace added drafting in November when the San Francisco-based company bought Paragon Patents.

Paragon's platform was designed to rely on source material and provide a way to double-check its work, as well as handle more tedious tasks like flow-diagram generation and table-numbering.

It manages about 440,000 patents for more than 80 organizations, including tech companies and research universities.

The intrigue: Sorensen says that outside counsel often charges a flat fee for patents, and so there hasn't been a meaningful decrease in legal costs since 2018.

What they're saying: "If law firms aren't going to change their behavior, then we're going to step in and offer a new model," Sorensen says.

What's next: Tradespace is looking to expand further into the final stages of patent creation, either through partnerships with outside counsel or through buying or standing up a legal practice of its own.

The company is also keeping an eye out for future technology-focused M&A, including acquihire opportunities.

The bottom line: "We're in a position where we want to move really quickly and be super aggressive," Sorensen says.

Exclusive: Tradespace raises $15M to bring AI to patent management

AI is coming for the $17.2 billion intellectual property legal services market.

Illustration of a computer keyboard with keys in varying shades of green and with each key featuring a dollar sign

Tradespace, an IP management platform, raised $15 million in Series A funding led by AVP, co-founder and CEO Alec Sorensen tells Axios Pro exclusively.Why it matters: AI is coming for the $17.2 billion intellectual property <a class="gtmContentClick" data-vars-link-text="legal services" data-vars-click-url="https://www.futuremarketinsights.com/reports/intellectual-property-legal-services-market#:~:text=The%20global%20intellectual%20property%20legal,reflecting%20a%20CAGR%20of%207.7%25." data-vars-content-id="f8491986-f412-4473-9214-c94853c7bfb0" data-vars-headline="Exclusive: Tradespace raises $15M to bring AI to patent management" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.futuremarketinsights.com/reports/intellectual-property-legal-services-market#:~:text=The%20global%20intellectual%20property%20legal,reflecting%20a%20CAGR%20of%207.7%25." target="_blank">legal services</a> market.

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Exclusive: Tradespace raises $15M to bring AI to patent management

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