Traklight, a cloud-based software platform that tracks and protects intellectual property, announced today that it has raised $350,000 in angel funding from private investors including Astia Angels. The company says it will use the funding to expand its sales and marketing efforts nationally.
The Phoenix-based startup’s subscription-based software is geared toward entrepreneurs, lawyers, and other professionals that have to protect intellectual property . Traklight CEO and founder Mary Juetten says that intellectual property makes up over 80% of most small businesses’ valuation, but is often overlooked in the early stages of a startup.
Traklight, which says it is currently on-track to double its revenue in 2014, sees law firms and IP attorneys as indirect competitors, but also targets its services to them.
“Historically, these IP identification and management services have been offered off-line through in-person consultations with attorneys or consultants or online through research and free government tools,” says Juetten.
“Our approach with attorneys as indirect competitors has been to create reports and processes that allow Traklight to assist the attorneys in their practice by increasing revenue, reducing non-billable hours, and educating their clients on legal needs.”
She adds “legal professionals can use the platform to significantly enhance their practice while providing tangible benefits for their entrepreneur and small business clients. This can be achieved over the course of an entire year without distracting from nor cutting into the practice of law.”
Traklight works by providing self-guided questionnaires that produce custom IP reports. Then the system helps users identify, inventory, and manage IP; provides time-stamped encrypted storage; and lets teams share protected files with one another.
In a statement, D.J. Martin, founding member of Astia Angels, said, “We have great confidence in Traklight’s talented team and their deep knowledge of IP. We believe that Traklight, fueled by its innovative ‘ID Your IP’ product, is well-positioned for continued growth and success and is solving a very critical problem in the marketplace. From my perspective, Traklight offers a unique solution not only for entrepreneurs, but for the investor community doing due diligence on potential investments.”