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Juristat, the St. Louis-based startup that helps patent lawyers improve strategic decision making and automate workflows, has raised an additional $2.4M in new investment capital lead by Arsenal Capital Management.
“Arsenal is excited to continue to work with Juristat and help bring this incredible technology to market,” said Peter Reinecke, founder, and managing director. “We’ve witnessed Juristat’s growth in the legal analytics space firsthand, and believe they’ve tapped into something truly unique with their new workflow tools.”
The new capital will accelerate the growth of Juristat’s new workflow automation division founded in January of this year.
Juristat’s workflow automation products use AI to streamline law firms’ administrative and operational tasks connected with obtaining a patent. From e-filing to generating required information disclosures and even drafting legal briefs, Juristat’s workflow solutions can typically cut a firm’s costs in half, while improving speed and accuracy.
Over the past 5 years, Juristat’s AI has developed into the dominant tool for predicting patent examiner behavior and optimizing business development for patent attorneys, with the company counting over 25% of the top 100 patent law firms as customers, including firms with strong St. Louis ties, such as Polsinelli, Armstrong Teasdale, Lewis Rice, and Husch Blackwell.
“We saw an opportunity to help our customers even more by training our AI to automatically complete a firm’s mundane and unprofitable administrative tasks, and the customer response so far has been incredible,” said Juristat CEO, Drew Winship.
The investment from Arsenal Capital will be used to hire additional software developers and data analysts to further expand the offerings. Juristat currently has 22 employees and is headquartered at One Metropolitan Square in downtown St. Louis.
“Our mission has always been to bring more transparency, predictability, and equity to the patent system,” Winship said. “Streamlining operational tasks will ultimately lower costs, increasing the accessibility of the patent system to more Americans.”