Redefining IP Management: Patlytics Transforming AI-Powered Patent Workflows, Scores $14 Million in Funding

The battlefield of patents has been a debated arena in the tech world for decades. Patents are hailed by some as shields for intellectual property while others see them as hurdles to innovation. As Artificial Intelligence emerges, the patent discourse gains new intensity. Patlytics, a New York-based startup, is stepping into this contentious arena with its AI-enabled patent analytics platform.

The Google-backed venture is innovating IP management by equipping corporations, law firms and IP experts with a streamlined tool to simplify the patent journey—from discovery, analytics, comparison to prosecution and litigation. This week, the startup announced a triumphant closure of a $14 million Series A funding round. The investments were led by Next47, with additional participants being Google’s Gradient, 8VC, Alumni Ventures, Liquid 2 Ventures, and Myriad Venture Partners. This funding milestone, taking its total raise to $21 million, unfolds less than a year after its seed round in April.

Their ambition did not stop at merely digitising these processes but aimed to revolutionise them with cutting-edge AI. Using large language models (LLMs) and a generative AI-powered engine, they built a tool custom-made to revolutionise IP-related research and other work. In a span of one year, the startup boasts a staggering 20x increase in its annual revenue rate and an 18x multiplication of its customer base.

About half of their customer base fields from law firms, with the rest being corporate clients from a diverse range of industries—semiconductors, biotech, pharmaceuticals, and beyond. In addition to serving U.S. customers, Patlytics has expanded its services to South Korea and Japan and successfully launched pilot products in London and Germany.

With a fresh influx of funds, the startup now eyes expansion on multiple fronts. They plan to scale sales operations, expand product offerings and invest in hiring more engineers. Breaking down the legal tech stereotypes, Patlytics aims to bring quality, efficiency, and innovation to the patent landscape.