PatentCafe Wins License with Patent Infringement Insurance Company Leader
Sacramento, CA (PRWEB) September 23, 2008
PatentCafe, the world leader in artificial intelligence based patent research and portfolio management solutions, today announced that Louisville, Kentucky based Intellectual Property Insurance Services Corporation (IPISC) has selected its ProSearch™ patent search engine for patent insurance underwriting due diligence.
PatentCafe introduced the first successful Latent Semantic Analysis (LSA) patent search engine, and after five years remains the only provider of patent search and management solutions based on an artificial intelligence. LSA finds important patents that older keyword search engines miss – even if the most closely related patents don’t contain the keywords used in the search query.
IPISC’s 20-year success record in evaluating patents for offensive and defensive insurance underwriting is unmatched. During the underwriting process, IPISC’s patent and legal analysts assess the potential for a lawsuit. Its proprietary due diligence methods use a variety of proven quality metrics to analyze patents for infringement risk.
Patent portfolio custodians are continually challenged to protect or increase the value of corporate patent assets through better strategic knowledge, and to mitigate financial risks associated with potential infringement litigation.
IPISC’s Insurance products, coupled with more intelligent patent research tools, help companies mitigate risk, and empower patent owners to assertively protect their market positions with less concern about “staying in the game” throughout the long litigation process. IPISC will use PatentCafe’s LSA research solutions for more thorough patent due diligence prior to underwriting new infringement policies.
IPISC President & CEO, Robert Fletcher, says: “PatentCafe’s artificial intelligence based solutions give IPISC a dimension of patent validity and infringement analysis not available with any other keyword-based patent search tools. PatentCafe is now our cornerstone patent research tool to support our underwriting process.”
Fletcher, pioneer of today’s IP insurance industry, wrote the first-ever policy for IP Infringement Abatement more than 20 years ago. His company provides abatement insurance that increases the litigation war chest when a patent owner must sue for infringement, and defense insurance that provides funds to defend against an infringement suit brought by an adversarial patent owner.
PatentCafe’s CEO, Andy Gibbs, says: “With infringement litigation trends going only one way, we’re relentless in developing increasingly intelligent patent research solutions to deliver better patent knowledge. IPISC’s incorporation of our tools for assessing Fortune 500 company patent assets for multi-million dollar patent insurance policies, acknowledges the veracity of our artificial intelligence solutions.”
The largest infringement award in 2007 ($ 1.5 billion; Alcatel-Lucent v. Microsoft) was over a $ 1 billion more than the 2006 record ($ 307 million; Rambus v. Hynix Semiconductor). More importantly, Patent Troll Tracker blogger Rick Frenkel reported a 31.5% increase in the number of defendants sued for patent infringement in 2007 over 2006.
Gibbs adds: “It’s not only smart business, but a fiduciary obligation for CXOs to use the most intelligent research tools and tailored insurance products to help manage corporate patent assets. I believe, quite objectively, that there’s no better product combination for patent asset management than IPISC’s insurance, and PatentCafe’s research tools”.
IPISC, formed in 1990, was the first to offer the Infringement Abatement Insurance policy. Today, it’s the industry’s #1 full service IP risk management firm specializing in IP defense insurance, IP abatement insurance, multi-peril reimbursement insurance, and related services including litigation management and IP intelligence.
IPISC’s founder and CEO, Robert Fletcher, a chemical engineer, patent attorney and business executive, began his IP career as patent counsel for Standard Oil. He then worked for companies such as GE, American Air Filter and Hilliard Lyons.
As the original architects of IP insurance, the company provides insurance policies and services to help identify and reduce IP exposure and expense. IPISC continues to lead the industry in the development of other intellectual property related insurance products and services.
PatentCafe is a global provider of artificial intelligence based patent portfolio management software solutions for international patent data search, strategic portfolio management, work flow, patent competitive intelligence, and statistical patent quality analytics.
The company’s enterprise-level solutions incorporate the intellectual property industry’s most advanced linguistics search technology that helps customers maximize patent quality and licensing revenue optimization, achieve superior patent-based business intelligence, and more efficiently meet corporate governance compliance.
Its solutions are used by the Fortune 500 legal departments, patent portfolio executives, multi-national patent firms, Big 4 consulting firms, technology investors, and risk analysts.
For more information, or to arrange interviews with company executives, contact:
Ms. Elena Lowe, (PatentCafe.com)
e-mail: editor @ PatentCafe.com
tel: 916-239-2500 X 2321
Ms. Sheila A. VanMeter (Intellectual Property Insurance Services, Corp.)
, Vocus PRW Holdings, LLC.
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