Swedish legaltech company Lightbringer has announced that it has secured €4.2 million in funding, a move aimed at bolstering its presence both in Europe and the United States. The company has created an AI-driven platform designed to streamline the process of protecting intellectual property (IP) for businesses, particularly targeting small and medium-sized enterprises (SMEs) and startups that traditionally face challenges in this area.
Lightbringer's platform serves as a virtual IP department, allowing businesses to refine their patent ideas with increased speed, ease, and cost-efficiency. The technology not only employs advanced artificial intelligence to identify, analyse, and enhance patent-related ideas in real-time but also involves expert patent attorneys who oversee the final output to ensure that the quality of the service adheres to professional standards.
This latest funding round was led by Luminar Ventures and Alliance VC, with participation from Zenith Ventures and several influential angel investors within the Nordic tech ecosystem. The global patent industry is a significant market, boasting a size exceeding €90 billion, and Lightbringer aims to provide essential services to an underserved segment of this market.
Daniel Karsberg, a partner at Luminar Ventures, expressed his views on the need for innovation in the patent sector, stating, "In an age where artificial intelligence can analyse millions of documents in seconds, we're still processing patents like we're reading them by candlelight. The system isn't just ready for disruption – it's begging for it.” This sentiment underscores the critical timing of Lightbringer’s interventions in the industry.
Dominic Davies, the founder and CEO of Lightbringer, remarked on the significance of the platform, stating, “Our platform provides both small and large companies with the tools they need to build strong patent portfolios – something that has previously been reserved for large corporations with substantial resources. This is the patent service of the future.” Since the introduction of its subscription model in May 2024, the company has seen rapid growth and has rolled out several features aimed at helping customers secure and reinforce their ideas on a larger scale.
The new funding will be funnelled into further development of the platform and to enhance Lightbringer's international outreach, potentially positioning the company as a significant player in the legaltech landscape.
Source: Noah Wire Services