SEATTLE–(BUSINESS WIRE)–Tangibly, a SaaS trade secret management platform, today announced the successful completion of its Seed round. The round was led by Madrona and included Spike Ventures, Volo Ventures, Holt Ventures, MVP Ventures, Incisive Ventures, WS Investment Company (an affiliate of Wilson Sonsini Goodrich & Rosati) and DLA Piper. Trade secrets are a critically important component of a company’s intellectual property portfolio that can be protected if clearly identified, recorded, and embedded in company processes.
“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”
“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,” said Tim Londergan, Tangibly’s founder and CEO. “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.”
Tangibly will use the investment to expand its recently launched AI-powered Patent X-Ray┢, which enables in-house legal teams and outside counsel to rapidly identify potential trade secrets associated with their issued and published patents. The next generation of Patent X-Ray, which is currently in internal testing, can be used in the patent drafting process. This will help better define what information to disclose in the patent and what information to protect as a trade secret.
“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,” said Aseem Datar, Madrona Partner and Tangibly board member. “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.”
Reducing theft and enforcing trade secret laws after a misappropriation requires proactive documentation, tracking, and education which is a daunting undertaking for most companies. Tangibly’s platform provides integrated workflows for product and legal teams.
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About Tangibly
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 implement best practices to establish company assets as legally protectable trade secrets. These best practices include cataloging assets, acknowledgment workflow, access management, tracking required legal agreements (NDAs, employment agreements, partnership agreements, etc.), as well as employee/partner education and training.
Contacts
Erika Shaffer, info@tangibly.com