SEATTLE, Nov. 15, 2023 /PRNewswire/ — Tangibly, a SaaS trade secret discovery and management platform backed by Madrona and other top investors, today announced that it had a final close of its seed round with an investment from Wipro Ventures, bringing the total funds raised to $7M. The funds are to be used to further develop the company’s X-Ray™ suite of AI-powered tools that facilitate identification and management of trade secrets.
Trade secrets are critically valuable pieces of confidential information, and every company in the world has them whether they realize it or not. Trade secrets are gaining significant attention especially since the Defend Trade Secrets Act (DTSA), the first federal trade secret law in the United States, was enacted in 2016. Trade secret litigation is on the rise as well, and involves nearly every sector, from electronics to biotech to ice cream machines and even coffee-flavored lip gloss. In addition, the size of judgements is also increasing. Last year’s Appian Corp. v. Pegasystems Inc. case resulted in a $2B judgement against Pegasystems.
“The value of trade secrets has gone up over the past few years. However, companies’ ability to protect them have not stayed up-to-date,” said Biplab Adhya, Managing Partner of Wipro Ventures. “Tapping into Tangibly’s tools, Wipro’s Enterprise Legal Management Solutions practice will be able to help our clients protect and realize value from their most critical intellectual property and assets. We are excited about the opportunities ahead and look forward to exploring how we can create unique client solutions using Tangibly.”
As part of its efforts to grow its team, Tangibly hired Michiel de Bruijn as their VP of Sales and Raul Sheen as Director of Operations. Before joining Tangibly, Michiel was the Senior Director of Global Business Development at LexisNexis Intellectual Property Solutions, and brings extensive experience in building and leading successful global sales organizations, and in-depth knowledge of the intellectual property solutions and services market. Raul has previously held positions at Oracle and Barnebys and will be building out Tangibly’s customer success infrastructure and team.
“We are excited to grow our team with the addition of Michiel and Raul. They will be instrumental in refining our sales strategy, building on existing customer relationships, and hiring a global team,” said Tim Londergan, Tangibly’s CEO.
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