AI-Powered Patent Filing Startup Ankar Secures $20 Million Series A Funding
Two former Palantir employees, Tamar Gomez and Wiem Gharbi, have secured $20 million in investment for their London-based startup, Ankar, aiming to revolutionize the patent filing and management process using AI. The Series A funding round was led by Atomico, with participation from Index Ventures, Norrsken, and Daphni.
Ankar's journey began in 2024 when the founders, both with diverse backgrounds, recognized the inefficiencies in the patent process. Gomez, with a business acumen, and Gharbi, a data scientist, met at Palantir and encountered the lengthy procedures for obtaining patents. They named their startup after an omniscient knight from pre-Islamic poetry, symbolizing their ambition to transform intellectual property (IP) into a strategic asset.
The company's mission is to shift IP from a costly burden to a competitive advantage in today's competitive landscape. According to the World Intellectual Property Organization, intangible assets like IP now account for up to 90% of S&P 500 companies' value. However, the systems for protecting these assets remain outdated, as Gomez and Gharbi experienced firsthand.
The patent filing process is arduous, involving weeks of searching databases and reading filings to identify potential conflicts with prior patents. Crafting a patent application can take months, and securing a patent may take up to 24 months. Ankar aims to streamline this process using large language models, enabling faster and more efficient patent filing.
Ankar's invention discovery tool searches across vast databases, assessing the 'novelty' of inventions and identifying 'prior art' to help inventors and patent attorneys. The platform guides patent drafting, highlights gaps in existing patents, and assists in responding to examiner challenges. By suggesting initial patent claims and exploring broader protection options, Ankar enhances the patenting process.
Early customers, including L'Oréal and Vorys, have reported significant productivity gains, saving hundreds of hours on strategic tasks. Ankar's tool has been praised for its ability to understand patents and adapt to specific needs. As companies increasingly protect their IP due to concerns about generative AI, Ankar's innovative approach is gaining traction.
With the new funding, Ankar plans to expand its team and operations across Europe and the U.S., solidifying its position as a leading AI-powered patent solution provider.
