Solve Intelligence raises $40m Series B as profitability and usage accelerate

Solve Intelligence has raised $40 million in a Series B financing, taking total capital raised to $55 million.

The legal tech specialist said it is profitable, has generated more cash than it has raised since inception, and has grown annual recurring revenue more than tenfold to eight figures over the past year.

It also reported a sharp increase in platform engagement, with weekly user actions up 265% since the Series A round.

Solve said its platform is now used by more than 400 intellectual property teams across six continents. Around 60% of users are based at law firms, including DLA Piper and Perkins Coie, with the remaining 40% working in corporate IP departments at companies such as Siemens and Avery Dennison.

“When we evaluated Solve, they were far ahead of competitors in technical sophistication and understanding of the real problems patent professionals face,” said Larissa Bifano, partner at DLA Piper.

Solve said its platform supports the full patent lifecycle, from capturing inventor ideas and drafting applications to responding to office actions and coordinating global filings across fields including software, hardware and life sciences.

Users reported significant productivity gains. “I can draft a full nonprovisional application at the same quality level in 60-80% less time,” said Britten Sessions, principal at Zilka-Kotab.

Related reading

Alongside the financing, Solve launched Charts, a new artificial intelligence product for patent litigation and high-volume IP analysis. The tool generates customisable claim charts for invalidity, infringement, freedom to operate and portfolio assessments.

The company said the Series B round included both new and returning investors, alongside a group of angel investors and industry executives.