Insider Brief
- Patlytics has secured $4.5 million in seed funding to advance its AI-powered patent workflow platform.
- The funding round was led by Gradient Ventures and supported by notable investors including 8VC, Joe Montana’s Liquid 2 Ventures, and others, focusing on transforming traditional patent management processes.
- The platform automates crucial patent processes such as drafting, infringement evaluations, and searches, aiming to empower rather than replace patent professionals.
PRESS RELEASE — SAN FRANCISCO /April 11, 2024— (BUSINESS WIRE) — Patlytics, the AI-powered patent workflow platform, raised $4.5 million in seed funding led by Gradient, Google’s AI-focused venture fund, with participation from 8VC, Joe Montana’s Liquid 2 Ventures, Tribe Capital, Vermilion Ventures, Gaingels, Alumni Ventures, Position Ventures and several undisclosed angel investors including select partners from premier law firms and Datadog President Amit Agarwal.
Unlike traditional methods that rely heavily on manual input from practitioners, Patlytics’ AI-powered platform aims to empower professionals by automating key aspects of the patent process, including initial drafting and office action responses, infringement evaluation, advanced search, and competitor intelligence. This innovative approach is not about replacing patent professionals (in-house counsels and outside attorneys) but empowering them.
“When I was a venture capitalist, I witnessed many opportunities in the IP space when interacting with my portfolio companies. The AI revolution in patent intelligence is not just about efficiency; it’s about transforming how patent professionals strategize and engage with the entire patent lifecycle,” said Paul Lee, Co-founder and CEO of Patlytics. “Recognizing the intricate blend of technical and legal expertise required for patent work, we’ve developed our platform to be an indispensable ally for patent professionals.”
“Protecting intellectual property remains a major priority and business requirement for information technology, physical product, and biotechnology companies. As companies incorporate AI into their new products, companies from the automobile to the pharmaceutical industry are keen to protect new inventions and watch for infringement from competitors,” said Darian Shirazi, General Partner at Gradient. “We’re excited to partner with the team at Patlytics as they leverage the recent transformative innovations in AI to reinvent the intellectual property protection industry.”
“In the past, where I worked intensively with filing and defending patents to protect company technology, I’ve had the firsthand experience of working with patent professionals to handle various key aspects of the patent process,” said Arthur Jen, Co-founder and CTO of Patlytics. “Knowing that navigating the intricate landscape of intellectual property can be laborious, our AI-integrated patent workflow aims to enhance the efficiency and provide insights, transforming IP protection into a dynamic force shaping the future technological landscape. We build our technology with data security and privacy in mind, safeguarding sensitive information throughout the patent lifecycle.”
Patlytics is working with partners across the spectrum, from in-house counsels for the Fortune 500 to leading law firms, including two of the top five IP focused practices, and more. Customers can request a demo on patlytics.ai.
About Patlytics: Patlytics empowers IP professionals in patent discovery, analytics, comparisons, and workflow. Patlytics was founded by Paul Lee, formerly Partner at Tribe Capital, Arthur Jen, formerly co-founder and CTO at Magic. For more information, visit www.patlytics.ai.
About Gradient Ventures: Gradient Ventures has been investing at the forefront of artificial intelligence since 2017. We are led by former founders, technical experts, and domain specialists, who know how to take an idea to product-market-fit and beyond. Gradient Ventures is headquartered in the San Francisco Bay Area. For more information, visit www.gradient.com.
Contacts
Media:
Gwyneth Wang
gwyneth@patlytics.com
