Bayern Kapital backs Octimine Technologies

Numerous business angels also invested in the round to provide an amount in the seven-digit range.

The new funding will be used to further develop the data-mining capacity of its technology, with the aim of bolstering Octimine's share of the technical documents market.

Octimine is pre-profit but Bayern Kapital sees large growth potential for the company. 

Bayern Kapital has a board observer but is not operationally involved at this stage. However, certain business angels are providing research and development support for the company.

There are no restrictions on where the money is spent geographically as Octimine also has operations in Silicion Valley, where it targets US market entry. However, at this stage most of the investment and product development will take place in Bavaria.

Company
Founded in 2015 as a spinout from LMU Munich and the Max-Planck Institute, Octimine software uses machine learning and clustering techniques to catalogue and search patent databases.

The company has a "freemium" subscription model, where paying users can monitor certain themes for new patent applications. The company has 15,000 users worldwide from 120 countries including institutions like Harvard University and the Fraunhofer Institute. It currently employs 16 people.

People
Bayern Kapital – Roman Huber (CEO).
Octimine – Matthias Pötzl, Dietmar Harhoff (founders).

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• Venture