Patlytics: Revolutionizing Patent Workflows with AI-Powered Analytics
Patlytics, an innovative AI-driven patent analytics platform, aims to streamline patent workflows for enterprises, IP professionals, and law firms. Its comprehensive tools cover every stage, from discovery and analytics to comparisons, prosecution, and litigation.
The startup recently achieved a significant milestone, raising $4.5 million in seed funding, which was oversubscribed and secured in just a few days. This funding round was led by Gradient Ventures, Google's AI-focused venture capital arm.
Founders with a Vision
Co-founded by CEO Paul Lee, a former venture capitalist at Tribe, and CTO Arthur Jen, a seasoned entrepreneur and co-founder of the Web3 wallet platform Magic, Patlytics combines their expertise and insights into the intellectual property (IP) sector. Both co-founders recognized numerous opportunities for improvement within the IP space. Lee's extensive background in vertical SaaS, AI, and legal tech startups highlighted the need for modernized workflows. Meanwhile, Jen’s experience at Magic involved actively filing and defending patents, revealing the inefficiencies in traditional methods.
“The AI revolution in patent intelligence goes beyond efficiency; it’s about transforming how patent professionals strategize throughout the patent lifecycle,” said Lee in an exclusive interview. “Acknowledging the complex interplay of technical and legal expertise needed for patent work, we've crafted our platform to be a vital ally for patent professionals.”
Addressing Complex Patent Workflows
Lee noted that conventional patent prosecution and litigation processes, heavily reliant on manual input, are often cumbersome and time-consuming. The research and discovery phase, which entails searching through vast amounts of patent data, is particularly labor-intensive, involving internet searches and inefficient manual investigations.
What distinguishes Patlytics from competitors like Anaqua, Clarivate, and Patsnap is its unique position as "the only provider offering end drafts and comprehensive chart solutions" within its AI-first framework for insights and analytics.
Moreover, Patlytics emphasizes the importance of human involvement in its processes, integrating software solutions with human insight to enhance effectiveness.
Rapid Growth and Client Engagement
Recently launching its SOC-2 certified product, Patlytics already caters to several prestigious law firms as well as in-house legal teams at various enterprises. While client confidentiality agreements prevent disclosure of specific numbers, their target audience includes IP law firms and companies holding multiple patents.
“Securing intellectual property is crucial for IT, physical product, and biotechnology firms,” stated Darian Shirazi, general partner at Gradient Ventures. “As AI technology advances, companies across industries—from automotive to pharmaceuticals—are eager to protect new inventions and monitor competitive infringements. We are thrilled to partner with Patlytics as they harness transformative AI innovations to reshape the IP protection landscape.”
Future Plans and Investment Usage
The startup plans to utilize the funding to enhance product and AI development, focusing on all essential patent prosecution and litigation workflows while expanding its engineering team, currently comprised of 11 employees.
“Our AI-integrated patent workflow is designed to alleviate the complexities of navigating intellectual property, enhancing efficiency while providing valuable insights,” explained Jen. “We prioritize data security and privacy, safeguarding sensitive information throughout the entire patent lifecycle.”
Patlytics' recent funding round also included contributions from 8VC, Alumni Ventures, Gaingels, Joe Montana’s Liquid 2 Ventures, Position Ventures, Tribe Capital, Vermilion Ventures, and numerous angel investors, including partners from leading law firms and prominent figures such as Datadog president Amit Agarwal and Fiscal Note founder Tim Hwang.
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