Patlytics, an AI-powered patent analytics platform, is determined to revolutionize the way enterprises, IP professionals, and law firms handle their patent workflows. From initial discovery and analytics to comparisons, prosecution, and litigation, Patlytics aims to streamline the entire process with the help of advanced AI technology.
The fledgling startup has recently secured $4.5 million in seed funding in a round led by Google’s AI-focused VC arm, Gradient Ventures. The funding was oversubscribed and closed in just a few days, highlighting the high demand for Patlytics’ innovative solution.
At the helm of Patlytics are co-founders CEO Paul Lee and CTO Arthur Jen. Lee, a former venture capitalist at Tribe, brings extensive experience in investing in vertical SaaS, AI, and legal tech startups. Jen, on the other hand, is a serial entrepreneur who co-founded and served as CTO of the popular web3 wallet platform Magic. Together, their shared vision and complementary skills have laid the foundation for Patlytics, driven by their firsthand experiences and deep understanding of the industry’s pain points.
In an exclusive interview with TechCrunch, the co-founders revealed their motivation for entering the IP space. Lee, drawing from his previous career experiences, noticed that many IP companies still relied on archaic techniques in a field that should be digitalized. Jen, from his time at Magic, has dealt extensively with filing and defending patents to protect company technology.
“The AI revolution in patent intelligence is not just about efficiency; it’s about transforming how patent professionals strategize and engage with the entire patent lifecycle,” Lee emphasized. “Recognizing the intricate blend of technical and legal expertise required for patent work, we’ve developed our platform to be an indispensable ally for patent professionals.”
Compared to industry peers like Anaqua, Clarivate, and Patsnap, Patlytics sets itself apart with its unique end drafts and extensive chart solutions. According to Lee, the company’s AI-first approach to insights and analytics is what makes it stand out.
However, unlike other platforms, Patlytics does not rely solely on software solutions. It also has a place for human participation in the process, ensuring a more comprehensive and accurate analysis.
The company has recently launched its product, which is SOC-2 certified, and is already serving top-tier law firms and in-house legal counsel at enterprises. Unfortunately, due to confidentiality agreements, the exact number of clients cannot be disclosed. However, Patlytics’ target users include IP law firms and companies with multiple patents.
“Protecting intellectual property remains a major priority and business requirement for information technology, physical product, and biotechnology companies,” stated Gradient’s general partner, Darian Shirazi. “With the incorporation of AI into new products, companies spanning industries from automobiles to pharmaceuticals are keen to protect their inventions and watch for infringement by competitors. We’re excited to partner with the team at Patlytics as they leverage the recent transformative innovations in AI to reinvent the intellectual property protection industry.”
The company plans to utilize the funding to invest in product and AI development, as well as strengthen its go-to-market function. Additionally, they aim to cover all relevant workflows for patent prosecution and litigation and expand their engineering team. Currently, Patlytics has 11 employees.
Proud of their commitment to data security and privacy, Jen emphasized that their technology is designed with these factors in mind. By safeguarding sensitive information throughout the patent lifecycle, Patlytics aims to enhance efficiency and provide unique insights, ultimately shaping the future technological landscape.
Other notable participants in the funding round included 8VC, Alumni Ventures, Gaingels, Joe Montana’s Liquid 2 Ventures, Position Ventures, Tribe Capital, and Vermilion Ventures. They were joined by a host of angel investors, including partners at premier law firms, Datadog President Amit Agarwal, Fiscal Note founder Tim Hwang, and Tapas Media founder Chang Kim.
