The Los Angeles-based tech start-up Brainbase has just secured a further $1m in investment to deliver a new tool for automating the end to end licensing process.
Its concept, Brainbase Assist has been called the ‘first out-of-the-box’ licensing management tool that enables companies to bring licensed products to market faster will fostering faster sales and royalty reporting, contract management and digital assets management.
The latest round of investment in the concept was led by Tera Ventures, with participation from Sterling Road and several angel investors including Severin Hacker, Andrew Rabin and Hamid Barkhordar.
Funds will be used to continue developing the company’s debut product, Brainbase Assist, as well as aid development on its recently announced Marketplace, a new platform that will enable licensors and licensees to showcase their brands and products and close new licensing deals entirely online.
"We are building an end-to-end product ecosystem that gives companies new ways to manage and monetise their intellectual property through licensing," explained Nate Cavanaugh, co-founder and CEO of Brainbase.
"What we continue to see across the licensing industry is companies dissatisfied with the status quo and hungry for better ways to grow and manage their business.
"This funding will allow us to continue scaling our products, starting with Assist and Marketplace, and to begin exploring future verticals as part of our broader full-stack strategy."
The company has already signed up a number of globally recognised brands including Shell, Kelloggs, Technicolor, J.D. Power, Billboard, Electrolux, Entrepreneur Magazine, Hamilton Beach, University of Utah and over a dozen leading agencies and licensees.
"We are excited to be part of Brainbase’s mission to bring efficiency to and expand the licensing market," wrote Stanislav Ivanov, Founding Partner at Tera Ventures. "We are also eager to support a young and accomplished Brainbase founding team, notably American and Estonian by background."