Investment to be used to accelerate PatSnap's technology innovation
SINGAPORE and LONDON, Nov. 21, 2016 /PRNewswire/ -- PatSnap, a technology solution provider of innovation intelligence to Fortune 500 R&D teams, today announced it has closed its Series C funding. The round was led by Sequoia Capital and participated by Shunwei Capital and Qualgro. This funding round puts PatSnap amongst an elite group of B2B SaaS companies to close their Series C round this year.
The strength of PatSnap's intelligence platform lies in its ability to comprehend the entire R&D life cycle of a technology company's intangible assets - from idea generation and research, through product development and commercialization. For many of PatSnap's customers, their intangible assets, including intellectual property, could account for up to 80% of the company's value. However, prior to using PatSnap, these companies did not have a strategy to make sense of these assets. With advanced deep learning capabilities applied across globally dispersed datasets such as patent and trademark registrations, PatSnap customers can reach actionable insights without prior knowledge of complex IP data structures, unlocking innovation opportunities faster than ever.
Founded by CEO Jeffrey Tiong, the company spent several years building early versions of the PatSnap platform within an accelerator program at the National University of Singapore. PatSnap now has offices in London, China and Singapore, operating in 40 industries and serving over 3,000 customers worldwide, including NASA, Vodafone, L'Oreal and the Massachusetts Institute of Technology. PatSnap has earlier raised a Series A of US$3.6 million in 2014 and a Series B of US$11 million in 2015.
"PatSnap is expected to contribute great efforts to the technology innovation globally. It has rapidly built a global team, and is exceptional in having a strong customer base spanning Asia, America and Europe. Jeffrey and his team have shown an incredible ability to execute on their vision, product, and go-to-market strategy, demonstrating consistent year-on-year revenue growth," said Steven Ji, Partner at Sequoia Capital China.
"We realize that innovation is the lifeblood of the global economy, and intellectual property is an incredibly important asset on a company's balance sheet. At PatSnap, we support innovators across every level of the enterprise, from scientists and engineers, to C level executives and directors, by developing intuitive tools which enable them to make better informed decisions around every aspect of the innovation lifecycle," said PatSnap founder Jeffrey Tiong.
PatSnap will invest the funds raised from this Series C to further its R&D work. It is developing new products that address an evolving market where innovation initiatives are becoming increasingly instrumental for any successful business. PatSnap currently has some 400 employees based in its Singapore, London (UK) and Suzhou (China) offices and will continue to expand the team globally.
In particular, PatSnap is building an R&D centre in Singapore, planning to hire 20 more engineers and data scientists. PatSnap is collaborating with the Economic Development Board to build its R&D presence in Singapore. The company will undertake new projects to drive further innovation to existing products and support the Singapore's government's data-driven Smart Nation vision.
Founded in 2007, PatSnap focuses on providing a suite of IP analytical and management to help businesses make better decisions. PatSnap has brought together the biggest IP dataset in the world -- over 118 million patents, and makes this data accessible and relevant, through adding licensing and litigation data, economic data, patent valuation, image and chemical formula search and trademark recognition. PatSnap has some 400 employees, and offices in Singapore, London (UK) and Suzhou (China). www.patsnap.com