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Seattle-based SaaS platform, Tangibly, has successfully completed its seed funding round, raising $6.5 million. The round was led by Madrona and included participation from Spike Ventures, Volo Ventures, Holt Ventures, MVP Ventures, Incisive Ventures, WS Investment Company, and DLA Piper.
The Rising Importance of Trade Secrets
Trade secrets are becoming an increasingly important category of intellectual property assets. They can be protected if clearly identified, recorded, and embedded in company processes. Tangibly’s platform is designed to help companies manage their trade secrets more effectively.
Tim Londergan, Tangibly’s founder and CEO, said, “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. 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’s Future Plans
The funds raised will be used to expand Tangibly’s recently launched AI-powered Patent X-Ray™. This tool 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, currently in internal testing, will 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.
Aseem Datar, Madrona Partner and Tangibly board member, said, “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. We are excited to back this talented team that offers global enterprises a valuable platform for innovation intelligence across their Intellectual Property portfolio.”
About Tangibly
Tangibly’s SaaS platform enables companies to implement best-in-class management of their trade secrets. The platform provides integrated workflows for product and legal teams, helping to streamline and simplify legal requirements and implement best practices to establish company assets as legally protectable trade secrets.
This seed funding round marks a significant milestone for Tangibly and highlights the growing importance of effective trade secret management in the digital age. As the company continues to innovate and expand its offerings, it is poised to become a leader in the field of intellectual property management.
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