FREMONT, Calif., July 28, 2015 /PRNewswire/ -- Lecorpio, the leader in cloud-based intellectual property (IP) management and analytics, today announced it has raised an additional $15 million in funding led by M2O that will be used to accelerate growth, product development and expansion into new markets. As part of the latest round, Mike Smerklo, technology entrepreneur and former chairman and CEO of Servicesource, will join Lecorpio as an investor and as a board observer. The company also announced a banner first half of the year with the addition of two new customers in Europe, continued expansion into the financial services and telecommunication verticals, as well as strategic wins in the automotive, energy and technology markets.
The company now serves five of the top 20 patent assignees in the United States, demonstrating that those who make intellectual property a priority trust Lecorpio. The first half of this year has been explosive for Lecorpio, as the company has already doubled sales over the same time period in 2014. Additionally, to meet growing market demands, the company released version 3.0 of their product that includes important features like PTO integration, intelligent spend management and real-time data.
"2015 is on target to be a breakout year with customer and revenue growth accelerating," said Jay Madsen, CEO of Lecorpio. "Lecorpio is rapidly becoming the IP management solution of choice for companies in a wide range of industries around the world and the additional capital will help us to expand our strategic footprint and deepen our market penetration."
As companies look to secure market share, the ability to harness and drive innovation enterprise-wide and quickly turn ideas into assets becomes vital in developing a well-balanced IP portfolio that creates long-term competitive advantage. Overall, Lecorpio's adaptive workflow capabilities and deep process analytics give companies a significant business advantage, accelerating their time to file in an economy where being first counts.
"Comprehensive IP asset management is a top priority for the world's most successful companies and the market is exploding," said M-K O'Connell, managing director at M2O. "Lecorpio is leading the market through rapid product innovation, a proven record of customer success, and is well positioned for impressive growth in 2015 and beyond."
Lecorpio, the leader in IP management and analytics solutions, helps innovative companies quickly turn ideas into assets. The enterprise-class suite of applications spans the entire IP supply chain, including invention disclosure management, patent and trademark management, e-billing, licensing management and general matters management. The solution includes powerful workflow capabilities that easily configure to a company's business process and includes an IP dashboard with over 160 KPIs.
Lecorpio is used by 5 of the top 20 most active US patent filers, in addition to well-known innovators such as Adobe, T-Mobile, Analog Devices, Rockwell Automation, NEC, NetApp and Red Hat.