Google’s Gradient Ventures Invests in Patlytics to Transform Intellectual Property Protection
Gradient Ventures is Google’s AI-focused venture capital arm. It has led a $4.5 million seed funding round for Patlytics. Patlytics is an AI-powered patent analytics platform that aims to accelerate patent workflows for enterprises, IP professionals, and law firms. The platform offers services ranging from discovery, analytics, comparisons, and prosecution to lawsuit.
Patlytics was co-founded by CEO Paul Lee. He is a former venture capitalist at Tribe and CTO Arthur Jen. He is a serial entrepreneur who co-founded and served as CTO of the web3 wallet platform Magic. The co-founders believe that the AI revolution in patent intelligence is not just about efficiency. It’s about transforming how patent professionals maneuver and engage with the entire patent lifecycle.
The platform stands out from its industry peers like Anaqua, Clarivate, and Patsnap by being the solitary provider offering end drafts and extensive chart solutions in its current AI-first approach in terms of perceptions and analytics. The platform doesn’t depend completely on software solutions, but it has a place for human participation in the process.
The startup recently launched its product which is SOC-2 certified. It already serves some top-tier law firms and a few in-house legal counsels at enterprises. The funding will be used to invest in product and AI development, go-to-market function, and to expand its engineering team. Other investors in the round included 8VC, Alumni Ventures, Gaingels, Joe Montana’s Liquid 2 Ventures, Position Ventures, Tribe Capital, and Vermilion Ventures, along with several angel investors.
In spite of the challenges of applying advanced technology in large organizations, Patlytics is dedicated to transforming the patent industry. With the backing of Google’s Gradient Ventures, the startup is well-positioned to transform how patent professionals maneuver and engage with the entire patent lifecycle.
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