Patlytics, a genAI-powered patent workflow platform, has bagged a $14m Series A round led by global venture firm Next47, with Google’s AI-focused venture fund Gradient, and others also taking part.
This new cash brings the company’s total funding to $21m, raised within a nine-month period…! And it’s further proof that genAI is really shaking up the IP and patent space.
Patlytics has seen ‘an 18x expansion in its customer base within six months, with notable customers including Quinn Emanuel, Koch Disruptive Technologies, Google, Xerox, Abnormal Security, Richardson Oliver Law Group, Young Basile, and Reichman Jorgensen Lehman & Feldberg’ they said.
Paul Lee, CEO and co-founder of Patlytics, added: ‘We’ve entered a pivotal moment in legal tech where AI can drive an immense amount of value, even within the complex and nuanced realm of intellectual property.
‘Our platform’s ability to deliver efficiency and insights with generative AI is fundamentally transforming the patent lifecycle. Today’s investment will help Patlytics grow our best-in-class team, deploy new product enhancements, and provide exceptional value to customers on a global scale,” said.
Patlytics also has welcomed Eric Lin to its leadership team as vice president of strategy. Lin brings over 10 years of experience as an IP litigator at Paul Hastings, Morrison & Foerster, and Baker Botts.
And in terms of the actual product, their roll-out of features includes:
- ‘Patent Application Drafting — Transform invention disclosures into draft patent applications, including claims and specification, in minutes with Patlytics’ drafting agent.
- Invention Disclosures — Accelerate innovation capture. Efficiently draft and evaluate invention disclosures with automated prior art searches, and patentability assessments.
- Invalidity Analysis — Assess § 102 anticipation and § 103 obviousness; generate detailed claim charts with element-by-element analysis.
- Infringement Detection — Streamline Evidence of Use (EOU) discovery with Patlytics’ search agent. Map patents to products, detect infringement across targeted companies, and assess the infringement read.
- Infringement Analysis — Analyze potential infringement (and non-infringement) of issued and potential patents.
- Standard Essential Patent (SEP) Analysis — Maximize SEP portfolios. Conduct in-depth analysis of patents against technical standards to identify potential SEPs and assess their value.
- And more….’
So, there you go. Why is genAI having this effect on patents? Well, it’s all down to language understanding, i.e. concepts. Finding words is one thing, finding the meaning of something is a different kettle of fish, and that really makes a difference when it comes to patents.
You can find more info here.
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Conference News: Legal Innovators California – June 11/12 – San Francisco
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