PatSnap, a global leader in Innovation Intelligence, secured USD$300m in Series E funding.
The round was led by SoftBank Vision Fund 2 and Tencent Investment with participation from CPE Industrial Fund and Vertex Growth, who are coming in as new investors whereas existing investors were Sequoia China, Shun Wei Capital, and Vertex Ventures Southeast Asia & India.
The company intends to use the funds to:
- further advance its innovation intelligence platform,
- accelerate product development,
- acquire additional domain expertise in the industry sectors where its technology is used by research and development (R&D) and intellectual property (IP) teams,
- expand its sales presence around the world and
- invest in the growth and professional development of its employees.
Led by Jeffrey Tiong, founder and CEO, PatSnap provides R&D Intelligence and IP Intelligence platforms that use machine learning (ML), computer vision, natural language processing (NLP), and other artificial intelligence (AI) technology to provide innovation teams at many of the world’s largest companies, global brands, and universities and research institutions with access to market, technology, and competitive intelligence as well as patent insights needed to take their products from ideation to commercialization.
PatSnap has more than 10,000 customers around the world, supported by more than 700 employees working from the company’s Asian headquarters in Singapore, European headquarters in London, and North American headquarters in Toronto. Clients include Dyson, Spotify, Oxford University Innovation, and The Dow Chemical Company.