Tangibly – a SaaS trade secret discovery and management platform backed by Madrona and other top investors – recently announced that it had a final close of its seed round with an investment from Wipro Ventures, bringing the total funds raised to $7 million.
The funds will further develop the company’s X-Ray suite of AI-powered tools that facilitate the identification and management of trade secrets.
Trade secrets are considered critically valuable pieces of confidential information, and every company in the world has them whether they realize it or not. And trade secrets are gaining significant attention especially since the Defend Trade Secrets Act (DTSA), the first federal trade secret law in the United States, was enacted in 2016.
Trade secret litigation is also on the rise and involves nearly every sector, from electronics to biotech to ice cream machines and even coffee-flavored lip gloss. And the size of judgments is also increasing.
As part of an effort to grow its team, Tangibly hired Michiel de Bruijn as its VP of Sales and Raul Sheen as Director of Operations. Before joining Tangibly, Michiel was the Senior Director of Global Business Development at LexisNexis Intellectual Property Solutions and brings extensive experience in building and leading successful global sales organizations and in-depth knowledge of the intellectual property solutions and services market. Raul has previously held positions at Oracle and Barnebys and will be building out Tangibly’s customer success infrastructure and team.
KEY QUOTES:
“The value of trade secrets has gone up over the past few years. However, companies’ ability to protect them have not stayed up-to-date. Tapping into Tangibly’s tools, Wipro’s Enterprise Legal Management Solutions practice will be able to help our clients protect and realize value from their most critical intellectual property and assets. We are excited about the opportunities ahead and look forward to exploring how we can create unique client solutions using Tangibly.”
— Biplab Adhya, Managing Partner of Wipro Ventures
“We are excited to grow our team with the addition of Michiel and Raul. They will be instrumental in refining our sales strategy, building on existing customer relationships, and hiring a global team.”
— Tim Londergan, Tangibly’s CEO
