Patent analytics provider Aistemos based in London has raised £3 million in a Series A funding round led by Beringea. The startup will use the capital to further develop its core product—Cipher—and launch sector-specific solutions.
Founded in 2013 by Nigel Swycher, who has worked with intellectual property for some 30 years, Aistemos employs AI and machine learning to classify, identify, and analyse patents in different areas. The list of its clients includes the aerospace and defence giant BAE Systems, semiconductor behemoth ARM, and robotics and heavy equipment manufacturer ABB. The startup also works with law firms, investors, and academic institutions.
The number of patents filed across the world yearly has more than doubled over the past two decades, reaching over 3 million applications in 2016.
“Patents are the largest library of scientific information in the world and constitute trillions of dollars of investment in research and development globally, said Swycher. “Until now, there has been no efficient way to extract insight from this data.”
To start with industry-specific offerings, Aistemos has recently launched Cipher Automotive, which it claims to be the first product to analyse patents that will define the future of the car. It is developed in partnership with and being used by several international vehicle manufacturers.