Finding the length of the longest increasing subsequence (LIS) is a classic algorithmic problem. Let $n$ denote the size of the array. Simple $O(n\log n)$ algorithms are known for this problem. We develop a polylogarithmic time randomized algorithm that for any constant $δ> 0$, estimates the length of the LIS of an array to within an additive error of $δn$. More precisely, the running time of the algorithm is $(\log n)^c (1/δ)^{O(1/δ)}$ where the exponent $c$ is independent of $δ$. Previously, the best known polylogarithmic time algorithms could only achieve an additive $n/2$ approximation. With a suitable choice of parameters, our algorithm also gives, for any fixed $τ>0$, a multiplicative $(1+τ)$-approximation to the distance to monotonicity $\varepsilon_f$ (the fraction of entries not in the LIS), whose running time is polynomial in $\log(n)$ and $1/varepsilon_f$. The best previously known algorithm could only guarantee an approximation within a factor (arbitrarily close to) 2.