September 1, 2015
Santa Monica, CAParticipants in Patexia’s new Coalition Funding Initiative will be connected to other companies facing patent litigation to share costs and eliminate the threat through inter-partes review.
Santa Monica, California, 1st September 2015
In line with Patexia’s mission to open the way for innovation by eliminating low quality patents, Patexia has launched a new initiative designed to let companies get back to innovating rather than devoting resources to fighting frivolous patent litigation.
In the IP industry, bad actors routinely file patent suits simultaneously targeting a large group of companies using the same patent. In many cases these actors use low quality patents to try to force defendants to settle rather than face a lengthy and expensive litigation process.
Patexia’s new coalition funding initiative provides an efficient solution. Patexia monitors new patent litigation across industries and when a frivolous case is filed, Patexia immediately reaches out to the targeted companies to bring them together and form a defense coalition. Then, using proven crowdsourced patent analysis techniques with a 75% success rate based on client feedback, Patexia searches for prior art and partners with experienced legal counsel to take the case to the Patent Trial and Appeal Board for an inter-partes review, in an effort to eliminate the threat.
Through Patexia’s coalition funding initiative, companies share the burdens they would otherwise face alone. Companies participating in a Patexia coalition contribute as little as $50,000 for a crowdsourced prior art search and the IPR. Going it alone, to fight patent litigation through IPR a company must pay $27,000 in PTAB filing fees alone (not including the attorney and expert fees). Oftentimes, total litigation costs can spike into the millions. By joining a Patexia defense coalition, participants have experienced support fighting back against frivolous lawsuits and no longer feel the need to settle to avoid litigation costs. Companies can turn their resources back towards positive innovation, benefiting the economy, and low quality patents are removed from the system.
About Patexia
Founded in 2010 to open the way for innovation by improving patent quality through crowdsourcing, Patexia is an online platform connecting clients to a community of 10,000+ global subject matter experts who help them better assess, manage and monetize their IP portfolios. By offering more reliable and in depth IP research through crowdsourcing, Patexia promotes efficiency and drives innovation.
