A startup company co-founded by a Waterloo Engineering alumnus has secured $14 million in new backing to help clients with all aspects of intellectual property (IP).
New York-based Patlytics, which was co-founded by Paul Lee (BASc ’14, chemical engineering), has now raised $21 million in funding since its launch just a year ago.
The company provides a platform enabled by artificial intelligence (AI) to help corporations, IP professionals and law firms streamline patent workflows, from discovery, analytics, comparison and prosecution to litigation.
Lee and co-founder Arthur Jen - who went on to graduate with a degree in computer science in 2015 - became fast friends while studying engineering together at the University of Waterloo in 2010. They teamed up again to launch Patlytics after pursuing different careers following graduation.
“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,” Lee, the company’s CEO, said in a media release announcing its latest funding round this week.
“Our platform’s ability to deliver efficiency and insights with generative AI is fundamentally transforming the patent lifecycle.”
The company has 22 employees. Clients include Google and Xerox.