IPRally secured €2 million in a round led by Join Capital and Spintop Ventures.

IPRally, a Helsinki, Finland-based developer of AI-based patent analytics and search engine software, announced securing a funding round of €2 million ($2.4M).

The money was raised from investors including Join Capital from Berlin and Spintop Ventures from Stockholm, with contributions from existing shareholder Icebreaker VC from Helsinki.

Proceeds will be used to accelerate the company’s rapid expansion and product development toward an AI with a human-level understanding of patent literature.

IPRally, founded in 2018 by Sakari Arvela (CEO), Juho Kallio and Juuso Piskonen, developed a software tool that helps Intellectual Property professionals as well as R&D engineers to intuitively build search queries in minutes allowing very precise searches of similar existing patents saving huge amounts of time and helping to discover patents not possible to find through regular keyword searches. Moreover, IPRally’s unique Graph Neural Network technology allows for machine reasoning of the search results, shifting the paradigm from black-box AI solutions to explainable AI solutions.

Business cases include industries ranging from semiconductor, automotive, and heavy manufacturing through software, healthcare, and forest industry, as well as patent law firms and intellectual property offices.

The company works for customers such as ABB, Philips, Spotify, Saint-Gobain, KONE, and Fresenius Medical Care.

IPRally previously raised about $400k in two rounds, one in 2018 and the other in 2019.