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Over the last years, intangible assets have become increasingly important as value drivers for companies operating in highly competitive environments (Lev, 2001; Levitas and McFadyen, 2009). The strategic relevance of intellectual property rights, and more specifically of patents, has lead companies to identify additional ways of extracting value from them. One of these ways relates to the use of patents to strengthen the company’s position when obtaining external finance. This chapter discusses the emerging field of patent-backed financing, analyzing how technologybased companies can leverage their patent portfolios to access equity investments and debt. We summarize the findings of more recent academic research on such issues and provide several examples of intellectual property (IP) deals in the United States and Europe, in order to highlight how a proper valuation of patents is fundamental when they …