LexisNexis to acquire AI-patent classification platform
London-based patent analysis service will be added to PatentSight | Combination of two firms will offer enhanced IP intelligence.
LexisNexis is bolstering its IP analytics capability with the acquisition of UK patent classification firm Aistemos, which trades under the name Cipher.
Following the move, announced on February 7, Cipher will become part of LexisNexis’ IP analytics tool PatentSight.
Cipher, a software-as-service (SaaS) platform, uses artificial intelligence and machine learning to classify patents. Users are able to automate patent-to-technology mapping, track new technologies and assess their portfolios in comparison to others’, in order to make more informed decisions on their IP.
LexisNexis’ PatentSight tool allows users to assess the quality of patents, access up-to-date applicant information and distinguish between patents that are in force, pending or inactive, among other functions.
Andrew Matuch, president of LexisNexis Intellectual Property Solutions, said: “The combination of Cipher and LexisNexis will significantly enhance IP analytics.
“Marrying the bespoke Cipher classifiers with our PatentSight analytics platform will allow our customers to view the world through their own technology lens, ultimately giving them a competitive advantage.”
Commenting on the acquisition, Nigel Swycher, CEO and one of the founders of Aistemos, said: “I’m delighted by the idea of joining the LexisNexis team on this journey to shape IP intelligence. This partnership will unlock potential, accelerating our goal to unleash the strategic value of patents for our customers and bringing Cipher to the global innovation community.”
The acquisition is set to complete in the first quarter of 2023.
Aistemos was founded in 2013 by Swycher and Steve Harris. In 2018, the company raised $3 million in funding from VC firm Beringea.
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