Question 1

This is cool idea, and I like the fact that there are existing revenue streams, and - always important - your runway is projected to be longer than the time projected for getting to profitability. :) Good stuff. One small concern is if your main customers are early stage start...

Accepted Answer

Hi Francis,Great question! What you've highlighted is certainly a risk, one we agree with and briefly mention in the first risk listed on our profile just below the Financials.Shifting to larger and more established companies is very much in the plans. Currently, our product helps in the workflow between early stage companies and their interactions with outside counsel. Transitioning to larger companies will include a similar product and workflow, but between internal R&D and in-house cou...

Question 2

Can you talk about the differences between the needs of start-up R&D and large enterprise R&D? You mention and list several SaaS competitors in the large enterprise R&D space. How does your company's service differ to better benefit the start-up companies needs and...

Accepted Answer

Hi Jason, Sure! One major difference is that large companies typically have in-house patent counsel, i.e. a dedicated team of attorneys employed by the company. Earlier stage companies typically have outside counsel, which are attorneys employed by a law firm who the companies reach out to as needed. Given this, these companies will perform 80-90% of the work around patents internally before reaching out to the outside attorney, and this is the work we're focused on automating. We've spent a ...

Question 3

Hi, Is there a repurchase clause when I invest with Inventr?

Accepted Answer

Hi Calvin, No, there is not.

Question 4

Ai in combination with a human backoffice has occasionally been an empty promise (AI + attorneys may end up favoring the attorneys). How are you avoiding the fate of startups like ScaleFactor and simply white labeling legacy services?

Accepted Answer

Hi Scott, Thanks for asking. There are two points I want to address: 1) We’re not replacing service providers, such as attorneys, with our A.I. but we’re replacing the internal work that companies are already doing in order to save on legal fees. 2) We chose A.I., more specifically, NLP (natural language processing), not because we wanted to find a way to use a trendy approach, but because it is the right solution for this problem. Patent language is often difficult to understand and can be w...

Question 5

What are your LOI’s dependent on to move forward? Obviously each may have certain nuances, but is there a theme among the majority?

Accepted Answer

Hi Kyle, We’ve already started working closely with a small subset of the LOIs. We’ve learned that the benefits are becoming clear to these users, and the UI/workflow is being tweaked based on feedback. We don’t see a theme among the majority aside from the need to see or use the product in action as part of the customer decision making process.

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