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Its platform can comprehend the entire R&D life-cycle of a tech company’s intangible assets — from idea generation and research — through product development and commercialisation
PatSnap, a technology solution provider of innovation intelligence to enterprises, has announced it has closed its Series C funding led by Sequoia Capital.
Shunwei Capital and Qualgro have also joined the funding round, which will be used to further Patsnap’s R&D works.
The firm has earlier raised a Series A of US$3.6 million in 2014 and Series B of US$11 million in 2015.
Founded by CEO Jeffrey Tiong, Patsnap is developing new products that address an evolving market where innovation initiatives are becoming increasingly instrumental for any successful business.
Patsnap foundering team
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 commercialisation. For many of PatSnap’s customers, their intangible assets including intellectual property could account for up to 80 per cent 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.
PatSnap has brought together a big IP dataset of 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 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. It currently has around 400 employees 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.
“We realise 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.
Image Credit: picturist21 / 123RF Stock Photo
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