Indus Age Partners, a Silicon Valley based venture capital fund, is investing an undisclosed amount in Gurgaon-based intellectual property (IP) asset management firm Clairvolex, in one of the first overseas venture capital investments in India's evolving IP industry.
Clairvolex is promoted by LexOrbis, which is in turn promoted by a US-based patent lawyer Manoj Pillai and Agnus, a private investment arm of Strides Arcolab promoter Arun Kumar.
"We are a pure-play IP asset management firm and have some of the top US and Europe corporations as our clients", says Manoj Pillai. Currently the seven-year-old company does not have any clients from India, but has a 400-seater back office facility in Gurgaon.
The Indian IP industry is in its nascent stages and is worth only Rs 3,000 crore, whereas it is a $120- billion opportunity globally, with a potential of $14.5 trillion, says Pillai.
Clairvolex competes with global players like Thomson Reuters, CPA Global, Evalueserve and Questel. Unlike most other IP law firms that concentrate on patent filings and litigations, these companies manage IP assets of big corporations and monetise value from created IP assets, similar to the functioning of wealth management companies.
"Companies which create IP assets need to manage and monetise patents and this is going to be a huge opportunity in future", says Sriram Viswanathan, Founder and Managing Partner of IndusAge.