10084091An innovative AI-powered system to reduce the cost of monitoring IP portfolios for infringement and monetisation opportunities by approximately 95%ClosedCollaborative R&DInnovate UKNLPatent is a leading AI LegalTech SME with a core project team of James Stonehill (co-founder, CTO and project lead), Dr Dario Bertero (senior applied scientist with a PhD in NLP) and Stephanie Curicio (co-founder and CEO). The patent system is at the core of innovation, rewarding innovators for publicly disclosing their inventions so that future generations can benefit from their innovations. Businesses need to be able to effectively monitor their IP portfolios in order to detect infringement. Effective monitoring also enables businesses to identify cross-licensing opportunities and plan effective R&D strategies. However, for the thousands of businesses, monitoring their patent portfolio using existing solutions can be hugely expensive, costing from thousands to millions of pounds annually depending on portfolio size. The UK government has identified the need for SMEs to effectively monetise and protect their IP; however, this high cost continues to be a barrier. NLPatent is aiming to address this with its AI-powered patent monitoring system that regularly scans companies' patent portfolios for new filings within technology areas for which they have patents to automatically detect possible infringement. NLPatent's innovative early adoption of novel technologies will enable its system to perform these scans at a cost and time-efficient rate. The system will then generate insights to enable clients to determine whether they would like to take action against new similar filings. NLPatent's aim is to bring the power of AI to IP services and enable businesses, particularly SMEs, to protect and monetise their IP portfolios without spending a fortune on IP services and legal fees. The money saved could be directed towards R&D, driving innovation and job creation across the UK. By enabling businesses that wish to innovate to do so, this project aligns with the government's Innovation Strategy.