Traklight's focus on identifying and protecting intellectual property for businesses is gaining support from angel investors who believe in the cloud-based software provider's vision.

Based in Phoenix, the privately held company on Tuesday said it has raised $350,000 in angel funding from private investors. According to Traklight, these investors are primarily based in New York’s Silicon Alley, which is centered in Manhattan but includes the city's buroughs.

Traklight plans to use this round of funding to scale sales and marketing efforts as the company builds a footprint across the United States.

Traklight CEO Mary Juetten said in a statement that protecting and identifying IP can be the difference between success and failure, especially for startups.

"This is one of the most critical issues for a business, with IP comprising over 80 percent of most small businesses’ valuation; however, IP is too often overlooked in the early stages," she said. "We believe deeply in the importance of adequately identifying and managing IP and are excited to take this next step in our sales and marketing efforts to work with even more businesses and law firms."

Traklight's software platform enables uers to create a custom IP strategy with integrated file-sharing and storage capabilities.

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