Patlytics, an AI-powered patent analytics platform, desires to assist enterprises, IP professionals and legislation companies pace up their patent workflows, from discovery, analytics, comparisons and prosecution to litigation.
The fledgling startup secured $4.5 million in seed funding, oversubscribed and closed in a number of days, led by Google’s AI-focused VC arm, Gradient Ventures.
Patlytics was co-founded by CEO Paul Lee, a former enterprise capitalist at Tribe, and CTO Arthur Jen, a serial entrepreneur who co-founded and served as CTO of the web3 pockets platform Magic. Their shared imaginative and prescient and complementary abilities laid the inspiration for Patlytics, pushed by their firsthand experiences and a deep understanding of the trade’s ache factors.
The co-founders advised TechCrunch they witnessed many alternatives within the IP area. Lee, who spent most of his earlier profession investing in vertical SaaS and AI and some authorized tech startups, got here throughout many IP corporations that used antiquated strategies in a workflow that (he thought) must be digitalized. Whereas working at Magic, Jen dealt intensively with submitting and defending patents to guard firm expertise.
“The AI revolution in patent intelligence is not only about effectivity; it’s about reworking how patent professionals strategize and have interaction with your complete patent lifecycle,” Lee stated in an unique interview with TechCrunch. “Recognizing the intricate mix of technical and authorized experience required for patent work, we’ve developed our platform to be an indispensable ally for patent professionals.”
Conventional patent prosecution and litigation workflows, which rely closely on guide enter, are complicated and time-consuming, Lee continued. The analysis and discovery part, which entails looking out and analyzing giant volumes of patent information, calls for important effort, encompassing web searches, piecemeal guide investigations, and inherently inefficient procedures.”
What units the startup other than its trade friends like Anaqua, Clarivate and Patsnap is that Patlytics is “the only real supplier providing finish drafts and intensive chart options” in its present AI-first strategy by way of insights and analytics, Lee defined.
One other distinction is the platform doesn’t rely solely on software program options, however has a spot for human participation within the course of.
Picture Credit: Patlytics / Co-founders: Arthur Jen (CTO) and Paul Lee (CEO)
The outfit lately launched its product, which is SOC-2 certified, and already serves some top-tier legislation companies and some in-house authorized counsels at enterprises as prospects. The corporate didn’t disclose the variety of shoppers because of confidentiality agreements. Its goal customers embrace IP legislation companies and corporations with a number of patents.
“Defending mental property stays a significant precedence and enterprise requirement for info expertise, bodily product and biotechnology corporations. As corporations incorporate AI into their new merchandise, corporations from the auto to the pharmaceutical trade are eager to guard new innovations and look ahead to infringement from opponents,” stated Gradient’s normal associate, Darian Shirazi. “We’re excited to associate with the staff at Patlytics as they leverage the current transformative improvements in AI to reinvent the mental property safety trade.”
The outfit will use the proceeds to spend money on product and AI improvement and go-to-market operate, aiming to cowl all related workflows for patent prosecution and litigation. As well as, it plans to bolster its engineering staff. The corporate has 11 workers.
“Understanding that navigating the intricate panorama of mental property might be laborious, our AI-integrated patent workflow goals to boost the effectivity and supply insights, reworking IP safety right into a dynamic drive shaping the long run technological panorama,” Jen stated. “We construct our expertise with information safety and privateness in thoughts, safeguarding delicate info all through the patent lifecycle.”
Different individuals within the spherical included 8VC, Alumni Ventures, Gaingels, Joe Montana’s Liquid 2 Ventures, Place Ventures, Tribe Capital and Vermilion Ventures. Notably, the spherical additionally attracted a number of angel backers, together with companions at premier legislation companies, Datadog president Amit Agarwal, Fiscal Notice founder Tim Hwang and Tapas Media founder Chang Kim.