Patlytics, an AI-powered patent analytics platform, aims to assist enterprises, IP professionals, and law firms in streamlining their patent workflows. This includes accelerating processes such as discovery, analytics, comparisons, prosecution, and litigation.
With the guidance of a seasoned advisor, the fledgling startup successfully raised an impressive $4.5 million in seed funding. Gradient Ventures, Google’s AI-focused VC arm, led the oversubscription and quick closure of the funding round.
CEO Paul Lee, with a background in venture capitalism, and CTO Arthur Jen, an experienced entrepreneur and co-founder of the successful web wallet platform Magic, founded Patlytics. Individuals with firsthand experience and a diverse range of skills founded Patlytics with a strong vision and a deep understanding of the industry’s challenges.
The co-founders discovered numerous opportunities in the IP space, as they mentioned to Eltrys. With his extensive experience investing in vertical SaaS and AI, as well as legal tech startups, Lee encountered numerous IP companies that relied on outdated methods, a process he believed needed modernization. Jen gained extensive experience managing and safeguarding patents during her time at Magic, ensuring the company’s valuable technology remained protected.
“The AI revolution in patent intelligence goes beyond efficiency.” It has the power to completely transform how patent professionals approach and navigate the patent lifecycle,” Lee stated in an exclusive interview with Eltrys. We specifically designed our platform to support patent professionals, understanding the unique combination of technical and legal skills required for this work. We aim to be an invaluable resource in their field.
According to Lee, the workflows for traditional patent prosecution and litigation can be quite complex and time-consuming due to their heavy reliance on manual input. During the research and discovery phase, there is a need for extensive effort in searching and analyzing large volumes of patent data. This includes conducting internet searches, manually investigating piece by piece, and dealing with inherently inefficient procedures.
What distinguishes the startup from other companies in its industry, such as Anaqua, Clarivate, and Patsnap, is that Patlytics is the only provider that offers comprehensive chart solutions and end drafts. This sets them apart in their current AI-first approach to insights and analytics, as explained by Lee.
Another distinction is that the platform incorporates both software solutions and human participation in the process.
Top-tier law firms and in-house legal counsels at enterprises have launched and are already using our product. It is SOC-2 certified, ensuring its high quality and security. Due to confidentiality agreements, the company refrained from revealing the number of clients. Its intended audience consists of IP law firms and companies with multiple patents.
Ensuring the protection of intellectual property remains a critical focus and necessity for companies in the fields of information technology, physical products, and biotechnology. According to Gradient’s general partner, Darian Shirazi, companies across various industries, such as automobiles and pharmaceuticals, are highly concerned about safeguarding their new inventions and detecting any potential infringement from their competitors as they integrate AI into their latest products. “We are thrilled to collaborate with the Patlytics team as they utilize the latest advancements in AI to revolutionize the field of intellectual property protection.”
Our company plans to utilize the funds to enhance our product and AI development, as well as our go-to-market strategy. Our goal is to encompass all the necessary workflows for patent prosecution and litigation. Furthermore, it intends to strengthen its engineering team. The company currently has a staff of 11 individuals.
“Understanding the challenges of managing intellectual property, we designed our AI-integrated patent workflow to streamline the process and offer valuable insights.” Our goal is to revolutionize IP protection and shape the future of technology,” explained Jen. We design our technology with a strong focus on data security and privacy, ensuring the protection of sensitive information throughout the entire patent lifecycle.
Additional participants in the round included 8VC, Alumni Ventures, Gaingels, Joe Montana’s Liquid 2 Ventures, Position Ventures, Tribe Capital, and Vermilion Ventures. The opportunity also attracted a number of angel investors, in addition to the funding round. These investors include partners at top law firms, Amit Agarwal, the president of Datadog, Tim Hwang, the founder of Fiscal Note, and Chang Kim, the founder of Tapas Media.
