Legal tech has significantly evolved, yet much of the work performed by intellectual property and patent lawyers still relies on traditional tools like spreadsheets and word processors. A notable new player in this space is Solve Intelligence, a Delaware-based startup that employs generative AI to streamline patent attorneys’ tasks.
The founders believe that their technology meets the dual demands of domain expertise and legal knowledge essential for legal professionals. Solve provides an in-browser document editor similar to Google Docs, enhanced by AI capabilities that assist attorneys with drafting and writing critical documents for intellectual property work and patent filings.
The AI system can facilitate patent drafting, prepare office action responses, create claim charts, and enhance invention disclosures. Recently, Solve raised $12 million in a Series A funding round led by 20VC, which underscores the company’s growing traction, expanding client base, and rising revenues.
According to co-founder and CEO Chris Parsonson, Solve’s product is currently in use by 200 IP teams worldwide, including industry giants like Siemens and Avery Dennison, and law firms such as DLA Piper and Finnegan. Remarkably, all this growth occurred without a dedicated sales or marketing team.
Parsonson revealed that Solve has achieved profitability in just two years and saw a revenue increase of approximately 25% monthly since its launch. The startup plans to invest the newly acquired funds into product scaling, hiring, and establishing a New York office.
Additionally, Solve aims to expand its research and development into life sciences, collaborating with significant pharmaceutical companies to enhance its patent functionalities. While facing competition from other legal tech firms, Parsonson emphasizes that Solve distinguishes itself through superior AI output quality and customization capabilities.
Their feature allowing customization of AI to suit individual drafting styles is particularly popular among users. Furthermore, partnerships with major investors like Microsoft and Thomson Reuters are expected to augment their integration and product offerings in the long run.