Each year, many large organizations spend billions of dollars on intellectual property (IP) through mergers and acquisitions. It has actually become very common for companies to have a portfolio of thousands of patents, which can be daunting. This is why many are turning to software solutions to manage their IP needs. As organizations seek to improve the efficiency of their IP operations, the ability to access real-time metrics and KPIs is a key requirement. And, that is where solution providers like Lecorpio come in.
Lecorpio, a provider of cloud-based Intellectual Property (IP) management and analytics, has recently received $10 million in Series B funding, led by M2O. Lecorpio will use this money to make strategic hires, accelerate product development, and support the company's growing base of enterprise customers. In addition, as part of its strategy to capitalize on the expanding market opportunity around IP management and analytics solutions, Lecorpio made two important post-funding hires: the first to lead engineering and the second to lead product management.
"For the world's most innovative companies, the IP supply chain is mission critical, which means our solution needs to deliver bullet-proof reliability, security and data integrity," said Lecorpio CEO Jay Madsen, in a statement.
Today, Lecorpio helps the world's innovative companies to quickly turn ideas into valuable assets with its suite of pre-built applications that covers the IP supply chain, including invention disclosure management, patent & trademark management, e-billing, licensing management and general matters management. The company's application platform includes workflow capabilities and is easily configurable, helping companies to custom-tailor business processes to accelerate IP velocity.
"Accelerating IP velocity has become a strategic priority," said M-K O'Connell, managing director at M2O. "The market for IP management solutions is growing rapidly and we believe that Lecorpio is well positioned to become the category killer."
Lecorpio's new Vice President of Engineering, Sunny McRae, has joined the company from JPMorgan Chase where he served as Managing Director and Senior Vice President. Additionally, Mark Bullard has joined Lecorpio's team as Vice President of Product Management. In this role, Bullard will help drive Lecorpio's customer driven product strategy. Prior to joining Lecorpio, he was Vice President of Sales for Lecorpio competitor Anaqua.
In April, Lecorpio moved into a larger Silicon Valley headquarters while doubling the office space at its Utah operation. The additional space at both locations was required to accommodate the company's rapidly expanding software development and customer support teams.
"This investment is additional validation of both the market opportunity and our industry-leading cloud-based IP management and analytics solution," said Madsen. "I am delighted to add Sunny and Mark to our 'A' team of industry veterans, and now we are even better positioned to deliver on our mission of helping companies around the world to turn ideas into valuable assets."
For more on IP, check out these articles: