The company serves a diverse clientele, including law firms and corporate clients from industries like semiconductors and pharmaceuticals, and has expanded its services to South Korea, Japan, London, and Germany. With the new funding, Patlytics plans to scale its sales efforts and invest in product development, including hiring more engineers. Eric Lin, an experienced IP litigator, will join the leadership team as vice president of strategy. Patlytics aims to provide cost-effective, detailed, and unbiased patent analysis to facilitate negotiations, transactions, and litigation, ultimately minimizing gaps and discrepancies in understanding.
Key takeaways:
- Patlytics, a New York startup, has developed an AI-enabled patent analytics platform to streamline patent workflows for corporations, IP professionals, and law firms.
- The company closed a $14 million Series A funding round led by Next47, bringing its total raised to $21 million, with participation from investors like Google’s Gradient and 8VC.
- Patlytics has experienced significant growth, with a 20x increase in ARR and an 18x expansion in its customer base within six months, serving clients in industries such as semiconductors, bio, and pharmaceuticals.
- The startup plans to scale sales and invest in product development, including hiring more engineers and expanding its offerings, with Eric Lin joining as vice president of strategy.