AI-Powered Patent Analytics Startup Patlytics Raises $14M in Series A Round

New York-based startup Patlytics, founded in January 2024 by CEO Paul Lee and CTO Arthur Jen, has developed an AI-enabled patent analytics platform to streamline patent workflows for corporations, IP professionals, and law firms. The platform covers various aspects of patents, from discovery, analytics, and comparison to prosecution and litigation. T

he startup closed a $14 million Series A round led by Next47, with participation from existing investors including Google’s Gradient, 8VC, Alumni Ventures, Liquid 2 Ventures, and Myriad Venture Partners. This round brings the total raised by Patlytics to $21 million, following its previous seed round in April. The company's large language models (LLMs) and generative AI-powered engine are custom-built for IP-related research, patent application drafting, invention disclosures, invalidity analysis, infringement detection/analysis,

Standard Essential Patents (SEPs) analysis, and IP assets portfolio management. Patlytics has shown significant growth, with a 20x increase in ARR and an 18x expansion in its customer base within six months, maintaining a 300% month-over-month growth rate. Approximately 50% of its customer base consists of law firms, with the other half being corporate clients from industries such as semiconductors, bio, and pharmaceuticals.

The startup has also expanded its reach to South Korea and Japan and launched its first pilot product in London and Germany. With the Series A funding, Patlytics plans to scale sales and invest in product development, including hiring more engineers and expanding into different modules. The company has already doubled its employees, growing from 11 since April 2024. Eric Lin, an experienced IP litigator, will join the company as vice president of strategy to support its future growth. The startup aims to offer cost-effective access to critical patent information, minimizing gaps and discrepancies in understanding, and facilitating more efficient litigation.

Source: Tech Crunch