Enginuity raises £500K investment to unlock the $1.58 trillion of underused global innovation
Written by Christina Levada
Each year, organisations spend more than $2.5 trillion on research and development, yet around 95 per cent¹ of patents go unused, representing an estimated $1.58 trillion in unrealised innovation value. Enginuity believes many of today’s challenges could be solved with technology that already exists, if those solutions could be more easily connected with the people and industries that need them.
The UK-based company uses artificial intelligence to make intellectual property, including patents, research proposals, and specialised areas of expertise, easier to find and apply. Its technology lets innovators, corporates and research institutions discover existing solutions faster, matching them to live market demand and open new commercial opportunities.
Enginuity’s platform turns intellectual property into a practical innovation tool rather than a static legal asset. It allows users to:
- Explore - search patents, markets and research by function and feature
- Build - uncover related technologies and innovation pathways
- Commercialise - match ideas to real-world demand from buyers, partners and grants
The company is already working with innovation networks including Cambridge, MIT/Harvard, Oxbridge AI and the Technical University of Munich (as an alumni of their Xpreneurs accelerator), as well as pilots with corporates and venture studios such as C10 Labs.
1 Forbes (2014)
Richard Heggie, CEO and Founder of Enginuity, said:
“Every major industry faces pressure to innovate faster, yet the majority of the world’s ideas sit unused on the shelf. Enginuity exists to change that. By making IP searchable and commercially relevant, we’re helping innovators save time, unlock value and build on what already exists. This funding enables us to accelerate our go-to-market strategy, expand our partnerships and help more organisations turn dormant IP into active opportunity.”
Mark Pearson, Founder of Fuel Ventures said:
“Enginuity is tackling one of the biggest inefficiencies in global innovation, the waste of untapped IP. Richard and the team have built a platform with the potential to transform how ideas are discovered and applied across industries. We’re proud to back founders who combine deep industry understanding with the ambition to redefine how innovation scales, and Enginuity exemplifies that.”
About Enginuity
Enginuity is an AI platform that helps organisations actively map market demand for their inventions. Using artificial intelligence, it helps innovators, R&D teams and corporates prioritise which IP has demonstrable market demand – saving time, unlocking value and enabling faster innovation. Learn more at www.enginuity.ai.
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