For decades, patents have been seen as a skeleton of the tech world and as a way to protect intellectual property, but critics see them as a blunt instrument towards innovation. In the age of AI, they are being revisited again.
New York startup Patlytics has developed an AI-enabled patent analytics platform that helps businesses, IP experts and law firms streamline their patent workflows from discovery, analysis, comparison and litigation prosecution.
The Google-backed startup said it closed $14 million on Monday in a 47-led Series A round with participation from existing investors, including Google's Gradient, 8VC, Alumni Ventures, Liquid 2 Ventures and Myriad Venture Partners. I've said that. That Series A finance increased its total to $21 million, about nine months after the previous seed round in April.
Paul Lee and CTO Arthur Jen co-founded Patlytics in January 2024. Former venture capitalist Lee saw IP companies use outdated techniques when dealing with patents. – related work such as potential litigation – was all time-consuming and manual effort. Jen knew firsthand the slow workflow. He was previously responsible for managing patent filing and protection at Magic, the crypto wallet company he co-founded.
“Patlytics has an interesting origin due to its lack of legal background, and initially there were many misconceptions about Legal Tech,” Lee said in an exclusive interview with TechCrunch. “Historically, there have been a lot of negative implications and facilities regarding selling technology to lawyers, but AI has really changed these facilities. What we saw in the IP market is that people can make better technology. “We want high value work with LLMS has a great driving force, and most importantly, patent experts long for quality.”
Patlytics' large-scale language model (LLMS) and generation AI-powered engines include IP-related research, patent application drafts, invention disclosures, invalidity analysis, infringement detection/analysis, standard essential patent (SEP) analysis, and more. Custom built for other research. IP Asset Portfolio Management.
The one-year-old startup said it had grown 20 times in ARR within six months and its customer base had grown 18 times, with a 300% growth rate sustained on a month. Patlytics did not disclose the number of clients, but said that around 50% of its client base is law firms and the other half are corporate clients in industries such as semiconductors, bio and pharmaceuticals. Additionally, the company currently serves customers in Korea and Japan, and recently launched its first pilot product in London and Germany.
Its clients include extraordinary security, Google, Koch's disruptive technology, Quinn Emanuel Urquhart & Sullivan, Richardson Oliver, Reichman Jorgensen Lehman & Feldberg, Xerox and Young Basile.
With the Series A round, startups plan to increase sales and increase investment in product development. This includes hiring more engineers and expanding into the various modules offered by the company. The startup doubled its employees and increased from 11 to meet customer demand since April 2024. With over 10 years of experience as an IP litigator for law firms including Paul Hastings, Morrison & Forster and Bakerbots, Eric Lynn joins the Patlytics Leadership Team as vice president of Will Company's next stage of growth strategy Please.
“Patlytics can automatically make technical discoveries and generate detailed claims charts for effectiveness and infringement purposes that require expensive experts and countless lawyers time.” said Bob Steinberg, a member of the Patlytics Advisory Board and chair of the Patent Trial and Appeal Committee (PTAB) practice. At Latham & Watkins. “By generating confidential, detailed and unbiased analysis, Patritics' goal is to ensure that parties involved in resolving patent disputes have cost-effective access to important information. That's a more efficient lawsuit.”