Patlytics Announces New Company Momentum for its GenAI-Powered Patent Intelligence Platform

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Nov 19, 2024, 06:00 ET

The company has secured additional funding, expanded its customer base with leading AM100 firms and global enterprise customers, and enhanced its AI product capabilities

SAN FRANCISCO, Nov. 19, 2024 /PRNewswire/ -- Patlytics, the AI-powered patent workflow platform, today announced significant company growth, including commercial traction from AM100 firms and global enterprise customers, new product upgrades, and additional funding led by Myriad Venture Partners. Following a successful $4.5 million seed round in April, the company has seen a 20x increase in ARR and an 18x expansion in its customer base in just six months, with a sustained 300% month-over-month growth rate. This momentum underscores Patlytics' leadership in transforming the patent intelligence landscape.

"We're in a pivotal moment where businesses are strategically evaluating how AI can transform their IP processes," says Paul Lee, founder and CEO of Patlytics. "Many solutions claim to be AI-driven for IP, but lack the depth to analyze an entire patent portfolio or handle the complex comparative analysis that IP workflows demand. At Patlytics, we excel at filling this gap — with expertise and trust."

As traditional barriers between IP rights break down and enterprises seek stronger safeguards for their innovation and products, GenAI is propelling the IP and patent industry forward with growth projected to reach $31.3 billion by 2032. This market strength is driven by the increased need for patent management solutions to streamline workflows, enhance decision-making and IP protections (defense and offense), and reduce costs for law firms and enterprises alike. The platform's state-of-the-art patent intelligence utilizes advanced large language models (LLMs) and GenAI-powered techniques to increase efficiency in patent drafting and generation, claim charts, infringement detection, and portfolio management by 80 percent.

"What the IP industry needs is a shorter path to our most valuable assets. More assets, fewer resources, and more pressure on patents make developing and qualifying those most valuable patents more important —and more challenging—than ever. Patlytics finds that shorter path," says Kent Richardson, Partner at Richardson Oliver.

Most recently, Patlytics has developed two new modules, quickly solving for additional workflows across the end-to-end patent lifecycle. Most notably, IP teams can now use Patlytics to streamline invention disclosure processes, a notoriously laborious process that often takes corporations more than 60 weeks to complete, but can be completed within hours with Patlytics. Additionally, firms and IP teams can now mitigate risk and ensure compliance by comparing against standard-essential industry patents.

Key milestones in the last six months include:

Creation of more than 2k detailed reports on infringement and invalidity claims
Execution of over 13k comprehensive analyses mapping patents to products and companies, providing customers with deep intelligence for optimal IP decision-making
Crawling of over 1.5M high-quality sources to support these outputs

"Patlytics is redefining patent intelligence with an innovative platform that not only simplifies but transforms the way organizations manage their IP," said Chris Fisher, co-founder and managing partner of Myriad Venture Partners. "Their AI-powered solution is already making an impact across law firms and enterprises, and this momentum is a testament to the problems that Patlytics is addressing, and to the amazing Patlytics team. We are excited to see Patlytics continue to drive efficiency and value for businesses across various industries."

Along with new funding and product enhancements, Patlytics is now partnering with several undisclosed AM100 firms, and leaders in IP law including Richardson Oliver, Young Basile and Reichman Jorgensen. Global enterprise innovators across invention sectors are also partnering with Patlytics, including Xerox and Abnormal Security. These partnerships demonstrate how Patlytics' advanced AI technology transforms IP management for organizations and law firms, with scalable, secure, accurate, and intuitive tools for drafting, identifying, prosecuting, detecting, defending, and managing intellectual property.

Heidi Martinez, Deputy General Counsel, Chief IP Counsel, of Xerox Corporation says, "We were attracted to the breadth and scope of Patlytics' AI-driven offerings, and we are impressed with the evolution of the tool since we started using it. We believe, with their pace of development, that their vision for a holistic patent intelligence platform is rapidly coming into focus."

Patlytics is working with partners across the spectrum, from in-house counsels for the Fortune 500 to leading AM100 law firms, including two of the top five IP-focused practices, and more. Customers can request a demo on www.patlytics.ai.

About Patlytics
Patlytics is a state-of-the-art patent intelligence platform powered by a generative AI engine and backed by top Silicon Valley venture capital firms. Our cutting-edge LLMs and advanced techniques are bespoke to intellectual property and drive 80% more efficiency for IP workflows including patent generation, claim charts, infringement detection, classification and more. Our high-quality results are trusted by top IP enterprise owners and tier-one law firms across the globe. Our team includes former founders, venture capitalists, top-tier engineers and leading IP experts. For more information, visit www.patlytics.ai.

About Myriad Venture Partners
Myriad Venture Partners is an early-stage venture firm defining the future of business solutions. Investing in visionary AI, clean technology, and B2B software leaders, Myriad brings decades of expertise and a robust corporate and financial partnership network. By connecting entrepreneurs, corporate partners, industry leaders, and co-investors, Myriad is changing the ways businesses operate, compete, and create value.

SOURCE Myriad Venture Partners