Across industries, patents are the bedrock of innovation, protecting companies' most valuable creations.

Historically, the workflows, services, users, and service providers across the patent landscape were fragmented and siloed market opportunities, with numerous use cases, solutions, and service providers from patent drafting and origination to patent maintenance, management, and litigation. A few examples to show the size and breadth are:

• The current patent approval process can stall go-to-market strategies and innovations, with an average timeline of one to three years to secure a patent approval.
• In 2023 alone, the U.S. Patent and Trademark Office (USPTO) granted over 346,000 patents, with approximately 1,789,254 active patents across S&P 100 companies.  Drafting and prosecuting a patent typically costs around $15,000, depending on complexity and legal fees.
• Patent litigation has risen sharply, with cases involving non-practicing entities (NPEs) rising by 14 percent. Just in 2023, over 3,000 patent litigation cases were filed in the U.S., reflecting the high stakes involved.  Depending on the level of complexity, the average cost per litigation can range between ~$700k to ~$2.7M.
• Maintenance fees add up over time, according to the patent's duration. Fees are typically paid at three and a half years, seven and a half years, and eleven and a half years after the patent is granted.

The above represents only a fraction of the patent use cases. Overall, patents require a substantial but unavoidable commitment to protect a company’s competitive edge and represent a massive market potential of $31.3 billion by 2032 in software solutions alone, which is quickly growing at a 15.6% compound annual growth rate (CAGR). This opportunity lies in streamlining workflows, unifying processes, reducing costs, and delivering end-to-end solutions for corporations, law firms, and patent service providers, including incumbents. Given the breadth and depth of use cases and user personas, in the past, such a unification was impossible.

Enter Patlytics ⸺ an AI-powered patent workflow and intelligence platform transforming how organizations manage intellectual property (IP). This all-in-one solution streamlines patent discovery, drafting, analytics, and infringement comparison, empowering businesses to protect, evaluate, commercialize and monetize their innovations efficiently. As AI adoption accelerates within the IP landscape, Patlytics is eliminating inefficiencies in slow manual processes and enhancing quality.

Founded in 2023 by CEO Paul Lee and CTO Arthur Jen, Patlytics is quickly establishing itself as a leader in IP intelligence, partnering with multiple AM100 firms, and leaders in IP law including Richardson Oliver, Young Basile, and Reichman Jorgensen. Additionally, global enterprise innovators across invention sectors are also partnering with Patlytics, including Xerox and Abnormal Security, to name a few. Patlytics collaborates with a diverse array of stakeholders, from in-house counsels at Fortune 500 companies to top law firms and large enterprises dedicated to safeguarding their innovations.

Myriad is thrilled to invest in Patlytics as it transforms the patent landscape, empowering companies to focus on their core strengths: innovating and turning new ideas into reality; and offering legal professionals additional solutions to free up time and provide cost-efficient, higher-quality strategic advice for clients.

From Bottlenecks to Breakthroughs: AI-Powered Patent Intelligence for the Modern Age

By analyzing over 1.5 million high-quality sources, Patlytics equips clients with comprehensive data to support their strategies. Its user-friendly platform employs GenAI-powered tools to streamline patent processes and manage IP assets, catering to a diverse range of users across various industries.

The Patlytics GenAI engine has enhanced workflows for thousands of IP use cases, generating over 2,000 reports detailing infringement and invalidity claims. It has also conducted more than 13,000 analyses, mapping patents to products and companies, providing valuable insights to support strategic IP decision-making. This impressive growth highlights Patlytics’ unique ability to navigate IP complexities with precision and impact.

Pioneering the Future of Patent Management with AI

In just six months, Patlytics has seen explosive growth, expanding its customer base by 18x and increasing revenue 20x.

These partnerships are a testament to how Patlytics' advanced AI technology transforms IP management for enterprises and law firms, delivering efficiency and value across diverse industries and user personas.

By improving workflows in patent drafting, claim chart generation, infringement detection, and portfolio management⸺achieving up to 80 percent efficiency gains⸺Patlytics has emerged as a leader in patent workflow and intelligence. Since raising $4.5 million in April, Patlytics has had a 300 percent month-over-month growth, driven by strong customer demand, innovative product upgrades, and new funding.

At Myriad, we believe Patlytics’ tech will have a profound impact across the patent landscape, including across user personas (e.g. law firms and enterprises) and use cases (e.g., patent drafting and prosecution, offensive and defensive patent litigation, and corporate maintenance costs, commercialization and monetization, among others). As we embrace this transformative era, we are excited to harness this momentum and delve into how these solutions will enhance IP protection and strategic utilization of intellectual assets. Together, we’re not just responding to the future ⸺ we’re actively shaping it.

Follow Patlytics' journey and discover how you can be part of this transformation at https://www.myriadventures.com.