Lecorpio Secures $10 Million in Growth Capital
-- M2O Leads Round, Accelerating Company's Ability to Scale --
-- Two Industry Veterans Join Lecorpio's Exec Team as VPs -
--Company Expands to Larger Corporate Headquarters --
FREMONT, Calif., May 1, 2014 /PRNewswire/ -- Lecorpio, the leader in cloud-based Intellectual Property (IP) management and analytics, today announced $10 million in Series B funding, led by M2O. The funds will be used to make strategic hires, accelerate product development, and support the Silicon Valley company's rapidly growing base of enterprise customers.
As part of its strategy to fully capitalize on the expanding market opportunity around IP management and analytics solutions, Lecorpio made two strategic post-funding hires: the first to lead engineering and the second to lead product management.
Lecorpio's new vice president of engineering, Sunny McRae, joins the company from JPMorgan Chase where he served as managing director and senior vice president. Sunny is the founder of two successful venture capital funded companies and brings more than 30 years of software engineering leadership in the areas of SaaS, payments, e-billing, business analytics, and enterprise software. He has a proven track record of leading teams that develop commercially successful, large-scale, cloud-based solutions for highly demanding global enterprises.
Mark Bullard has also joined Lecorpio's team as vice president of product management. In this role Mark will help drive Lecorpio's customer driven product strategy. Prior to joining Lecorpio, Mark was vice president of sales for Lecorpio competitor Anaqua. Previously, as a product manager for the legal and corporate affairs group at Microsoft, Mark led multiple large-scale legal software and process improvement projects.
Lecorpio also moved into a larger Silicon Valley headquarters in April while also doubling the office space at its Utah operation. The additional space at both locations was required to accommodate the company's rapidly expanding software development and customer support teams.
"Accelerating IP velocity has become a strategic priority," says M-K O'Connell, managing director at M2O. "The market for IP management solutions is growing rapidly and we believe that Lecorpio is well positioned to become the category killer."
"This investment is additional validation of both the market opportunity and our industry-leading cloud-based IP management and analytics solution," added Jay Madsen, CEO of Lecorpio. "I am delighted to add Sunny and Mark to our 'A' team of industry veterans, and now we are even better positioned to deliver on our mission of helping companies around the world to turn ideas into valuable assets."
Lecorpio's latest version, 2.7, was released in April of 2014. This release solidifies Lecorpio as the clear leader for companies who demand an enterprise-class solution. In addition to increased security and application performance, it also provides industry-leading 99.95% uptime with Lecorpio's new high-availability hosting architecture. Release 2.7 also increases data integrity with complete United States Patent and Trademark Office Public and Private Patent Application Information Retrieval (PAIR) integration for easy error checking. Lastly, Lecorpio 2.7 delivers enhanced visual analytics, including heat maps and family tree mapping, providing users with new insights into how to manage IP workflow and the entire IP portfolio.
Silicon Valley-based Lecorpio is the worldwide leader in cloud-based IP management and analytics solutions helping the world's most innovative companies to quickly turn ideas into valuable assets. Lecorpio's enterprise-class suite of pre-built applications spans the entire IP supply chain, including invention disclosure management, patent & trademark management, e-billing, licensing management and general matters management. The company's application platform includes powerful workflow capabilities and is easily configurable, helping companies to custom-tailor business processes to accelerate IP velocity. The Lecorpio IP dashboard has access to over 160 key performance indicators which deliver timely insight to help businesses make better decisions.
With over 500,000 users worldwide, Lecorpio is used by over 40 Global 1000 companies and 13 of the top 100 most active US patent filers including well-known innovators like Analog Devices, NEC, NetApp, Praxair and RF Micro Devices.
Learn more at www.lecorpio.com, or on Twitter @Lecorpio.
Mitch Ahiers, Lecorpio, firstname.lastname@example.org
Sarah Fraser, Sterling Communications, email@example.com