Patlytics, an AI-powered patent analytics platform, needs to assist enterprises, IP professionals and legislation companies velocity 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 couple 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 instructed For Millionaires they witnessed many alternatives within the IP house. Lee, who spent most of his earlier profession investing in vertical SaaS and AI and some authorized tech startups, got here throughout many IP firms that used antiquated methods in a workflow that (he thought) ought to be digitalized. Whereas working at Magic, Jen dealt intensively with submitting and defending patents to guard firm know-how. 

“The AI revolution in patent intelligence is not only about effectivity; it’s about remodeling how patent professionals strategize and interact with all the patent lifecycle,” Lee mentioned in an unique interview with For Millionaires. “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 includes looking out and analyzing massive volumes of patent information, calls for vital effort, encompassing web searches, piecemeal guide investigations, and inherently inefficient procedures.”

What units the startup aside from 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 when it comes to insights and analytics, Lee defined. 

One other distinction is the platform doesn’t rely completely 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 not too long ago 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 clients. The corporate didn’t disclose the variety of shoppers as a consequence of confidentiality agreements. Its goal customers embrace IP legislation companies and firms with a number of patents. 

“Defending mental property stays a serious precedence and enterprise requirement for info know-how, bodily product and biotechnology firms. As firms incorporate AI into their new merchandise, firms from the auto to the pharmaceutical trade are eager to guard new innovations and look ahead to infringement from rivals,” mentioned Gradient’s common companion, Darian Shirazi. “We’re excited to companion with the crew at Patlytics as they leverage the latest 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 perform, aiming to cowl all related workflows for patent prosecution and litigation. As well as, it plans to bolster its engineering crew. The corporate has 11 workers. 

“Realizing that navigating the intricate panorama of mental property could be laborious, our AI-integrated patent workflow goals to reinforce the effectivity and supply insights, remodeling IP safety right into a dynamic power shaping the long run technological panorama,” Jen mentioned. “We construct our know-how with information safety and privateness in thoughts, safeguarding delicate info all through the patent lifecycle.” 

Different contributors 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 Be aware founder Tim Hwang and Tapas Media founder Chang Kim.