Los Angeles-based tech startup Brainbase has bagged $8 million in funding to advance their work in the intellectual property (IP) licensing management platform.
Through Brainbase Assist, which is an IP licensing platform, Brainbase helps companies, especially in Hollywood, manage their intellectual rights by safeguarding the sponsorships, licensing, and partnership deals.
The funding is from new investors, Nosara Capital and Bessemer Venture Partners, the traditional funders Alpha Edison, FJ Labs, Struck Capital, and Bonfire Ventures. Individual contributors to the kitty included Michael Stoppelman, a former vice president at Yelp, Spencer Lazar, and Jenny Fleiss, who is a co-founder in the Rent The Runway venture President of the InVision David Fraga.
Brainbase said in a statement that it would use the funding to come up with a ‘Payments’ feature and which it hopes will enhance and speed up the process between the licensees.
Additionally, it plans to use the money to enhance a market place to showcase content and close deals with global celebrities, athletes, and agencies.
CEO Nate Cavanaugh, who is also a co-founder in the venture, says the company will stay focused on building the best platform for brands that won and license their IP.
Cavanaugh added that the funding indicates the trust and faith that industry players have in their venture towards enhancing the safeguards towards avoiding exploitation of intellectual property.
Kent Bennett, who is a partner at Bessemer Venture Partners said they are thrilled for having partnered with this team since they helped the owners of IP assets capture more value and at the same time saved a boatload of time and effort.
Besides, the company hopes to have doubled its size by the end of 2020 as well as making strategic talent scouts for its product and engineering segment and sales.
Traditionally, Brainbase clients included MDR Brand Management, Kathy Ireland Worldwide, BuzzFeed, Sanrio, SYBO Games, and Bonnier.
