California IP managment firm Lecorpio bags unneeded $10M funding
Lecorpio, an intellectual property (IP) management startup, has just received $10 million in a recent venture capital round. Los Angeles investor M2O led the said financing, according to VentureBeat.
Lecorpio owner and chief executive officer (CEO) Jay Madsen said of the investment: "We didn't even need to raise this capital."
Madsen acquired Lecorpio for an undisclosed amount in 2012. Its 50-man team provides IP management software for chip makers, energy firms, mobile phone manufacturers, and its other clients. The software helps them aggregate and share patents, business ideas, and other information securely. The data can safely circulate within the platform, the report explained.
Just last year, Madsen said Lecorpio still had 10 employees. The company is growing fast. Its software currently has 500,000 subscribers. Chief operating officer (COO) Bill Soward said the firm is now bringing out IP from the legal sector to make it a full enterprise service. Among the startup's most prominent customers are Praxair, Analog Devices, and NEC, VentureBeat reported.
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