Seattle-based startup Tangibly, which helps clients manage their trade secrets, has raised a $1.3 million round that the company is calling pre-seed funding.
With the raise, announced Thursday, Tangibly said it will develop its product and grow its sales and marketing teams. Madrona Venture Group, WS Investment Co. and a variety of seed funds and angel investors participated in the round.
“Recent geo-political and legal challenges have dramatically raised corporate awareness of the need to actively manage trade secrets, but it is a complex process,” Tim Londergan, Tangibly’s founder and CEO, said in a release. “The response from our early customers combined with the backing from these two firms steeped in new category creation signals a big opportunity ahead of us.”
Tangibly was founded in 2021. Using Tangibly's technology, clients can execute and track nondisclosure agreements, as well as label assets as trade secrets and limit access to them.
Londergan was previously the founder and CEO of Wavefront Venture Labs, an intellectual property incubator based in Singapore. Wavefront is now part of the Irvine, California-based investment bank Boustead Securities. Londergan spent about five years at Wavefront, according to his LinkedIn page. Earlier in his career, he spent about six years at the Bellevue-based research and patent firm Intellectual Ventures.
Seattle-based Madrona has invested in a number of high-profile companies, including Amazon, Redfin and Rec Room. WS Investment Co. meanwhile, is the venture arm of the tech-focused law firm Wilson Sonsini Goodrich & Rosati.
“Trade secrets are a critical component in a company’s intellectual property strategy. New collaboration models, remote working scenarios and employee mobility are exposing new set of vulnerabilities," Aseem Datar, partner at Madrona, said in a release. "We believe Tangibly’s unique platform is the right solution at the right time delivering instantaneous business value.”
