Innography, the innovative software provider of better intellectual property answers for improved business results, today announces the company has completed a new round of funding aimed at fueling product expansion and overall growth. Led by current investors Austin Ventures and Covera Ventures, Innography raised a total of $3.5 million between July 2013 and January 2014. In addition, this round was joined by an investment group led by Dr. Charles Stryker, a current Innography board member. The company has also secured a new $3.5 million line of credit from Comerica Inc.
“We increased our growth in 2013 compared to 2012, and the additional capital is being leveraged to drive further expansion.”
“Market attention to patent analytics and intellectual property analysis is at an all-time high and continues to drive demand for better IP answers,” said John F. Martin, chairman and CEO of Innography. “We increased our growth in 2013 compared to 2012, and the additional capital is being leveraged to drive further expansion.”
The new funding and financing will be used to accelerate several growth initiatives, including furthering product innovations and additional data sources, adding to client success services, expanding globally and building industry partnerships.
“Innography has market-leading technology in the Intellectual Property Business Intelligence space and continues to invest in its product vision,” said Chris Pacitti, general partner, Austin Ventures. “This round is focused on accelerating key initiatives under John’s leadership to meet the global market opportunity.”
As the innovation leader in IP analytics, Innography has leveraged the funding received in recent months to launch and develop leading-edge solutions, including PatentScout™, featured in its Fall 2013 release, an advanced patent search tool for the entire enterprise. The Innography solution is also a finalist for three separate CODIE Award categories, reflecting the value and innovation of Innography’s software.