Patlytics, an AI-powered patent workflow platform based simply final yr, mentioned at the moment that it has closed a $14 million Sequence A spherical, on prime of a $4.5 million seed spherical final April, bringing its whole funding to $21 million, all inside a nine-month span.
This newest spherical was led by world enterprise agency Next47, with participation from present buyers together with Google’s AI-focused enterprise fund Gradient, 8VC, Alumni Ventures, Liquid 2 Ventures, and Myriad Enterprise Companions.
The corporate says its fundraising success validates market demand for its product “and positions the corporate to guide the seismic shift in AI-driven mental property safety and administration.”
“We’ve entered a pivotal second in authorized tech the place AI can drive an immense quantity of worth, even inside the complicated and nuanced realm of mental property,” mentioned Paul Lee, CEO and cofounder of Patlytics. “Our platform’s capacity to ship effectivity and insights with generative AI is basically reworking the patent lifecycle.”
The corporate additionally introduced the hiring of lawyer Eric Lin as vp of technique to additional the corporate’s subsequent part of development. Lin has been an IP litigator since 2014, most lately on the regulation agency Paul Hastings, and beforehand at Morrison & Foerster and Baker Botts.
Patlytics’ product allows AI-assisted patent utility drafting and supplies instruments for figuring out infringement, producing declare charts, and patent pruning by figuring out high- and low-potential property.
“Patlytics’ cutting-edge AI is revolutionizing how patents are drafted, analyzed, protected, and monetized, as evidenced by their enterprise clients and end-to-end platform strategy,” mentioned Matthew Cowan, basic companion at Next47. “Patlytics’ benchmark of velocity is unmatched — and the crew has harnessed this momentum to ship safe, complete AI outcomes on par with patent professionals.
The corporate says it has seen an 18x enlargement in its buyer base inside six months, with notable clients together with Quinn Emanuel, Koch Disruptive Applied sciences, Google, Xerox, Irregular Safety, Richardson Oliver Legislation Group, Younger Basile, and Reichman Jorgensen Lehman & Feldberg LLP.
