International growth capital investor Beringea has led a Series A funding round into analytics firm Aistemos.
The round closed at a total of £3m. The money will be used to develop Aistemos’ core product, Cipher, which uses machine learning algorithms to classify, identify, and analyse patents for ‘more accurate and speedy’ results.
Aistemos was founded in 2013 by Nigel Swycher, who held a position as an intellectual property partner at law firm Slaughter and May. The company’s product, Cipher, was developed by Steve Harris; a specialist in data science and machine learning.
Swycher commented: “Patents are the largest library of scientific information in the world and constitute trillions of dollars of investment in research and development globally. Until now, there has been no efficient way to extract insight from this data.”
“Cipher harnesses artificial intelligence and machine learning to enable any person in any business to analyse intellectual property at scale and at speed. This will contribute immense value to companies with innovation at their core and Beringea’s investment will accelerate our vision of unlocking this potential,” he added.
The company also recently launched Cipher Automotive, which enables subscribers to understand global trends in autonomous, connectivity, electrification and shared services.
This investment will help to develop additional products tailored to industries which are experiencing technology disruption and to expand its team.
Eyal Malinger, investment director at Beringea, concluded: “Innovation has become the lifeblood of success.
“To keep pace, businesses require accurate and immediate access to the bedrock of innovation – intellectual property. Beringea has backed Aistemos as its experienced team has uniquely brought together exceptional expertise in artificial intelligence and law to deliver patent analysis at scale and at pace – this will be vital to businesses seeking to remain competitive.”