Patlytics, an innovative startup based in New York, has successfully secured $14 million in Series A funding led by Next47. The round also saw participation from existing investors such as Google’s Gradient, 8VC, Alumni Ventures, Liquid 2 Ventures, and Myriad Venture Partners, bringing the company’s total funding to $21 million.
Patlytics’ mission is to revolutionize the patent workflow process through its AI-driven platform. Co-founded by Paul Lee and Arthur Jen in January 2024, the startup aims to address the outdated and time-consuming methods commonly used in IP management. Their platform streamlines tasks such as patent discovery, analysis, comparison, prosecution, and litigation.
Patlytics’ strength lies in its custom-built large language models (LLMs) and generative AI engine, specifically designed for IP-related research. The platform assists in tasks such as patent application drafting, invention disclosures, invalidity analysis, infringement detection, Standard Essential Patents (SEPs) analysis, and IP portfolio management.
Within six months, the company has witnessed remarkable growth, including a 20x increase in annual recurring revenue (ARR) and an 18x expansion in its customer base. Patlytics has maintained a steady 300% month-over-month growth rate and serves a diverse clientele, including law firms, corporations in industries like semiconductors, bio, pharmaceuticals, and clients in South Korea, Japan, London, and Germany.
Notable clients include Abnormal Security, Google, Koch Disruptive Technologies, Quinn Emanuel Urquhart & Sullivan, Richardson Oliver, Reichman Jorgensen Lehman & Feldberg, Xerox, and Young Basile.
With this Series A funding, Patlytics plans to scale sales and invest heavily in product development. The company aims to expand its team of engineers and develop new modules to enhance its platform’s capabilities. Patlytics has already doubled its workforce in the past year and recently welcomed Eric Lin as vice president of strategy to lead the company’s next phase of growth.
As Bob Steinberg, Patlytics advisory board member and chair of the Patent Trial and Appeal Board (PTAB) Practice at Latham & Watkins, states, “Patlytics’ platform provides automated technical discovery, generating detailed claim charts for validity and infringement analysis, a task that traditionally required costly experts.” By providing confidential, unbiased analysis, Patlytics empowers parties involved in patent disputes with cost-effective access to critical information, paving the way for efficient negotiations, transactions, settlements, and litigation.
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