PatSnap, a Singaporean provider of innovation intelligence, has announced it has secured US$300 million in Series E funding, led by SoftBank Vision Fund 2 and Tencent Investment with participation from CPE Industrial Fund and existing investors Sequoia China, Shun Wei Capital, and Vertex Ventures.
PatSnap said it plans to use the funds to advance its innovation intelligence platform, accelerate product development, and acquire additional domain expertise in the industry sectors where its technology is used by R&D and IP teams. The funds will also enable PatSnap to expand its sales presence around the world.
PatSnap said its intelligence platforms 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 said its clients include Dyson, Spotify, Oxford University Innovation, and Dow Chemical.
"PatSnap's mission is to empower innovators to make the world a better place," said Jeffrey Tiong, founder and CEO of PatSnap, as cited in a company press release. "Our global footprint, leadership, and strategic position in the innovation economy have enabled us to attract top investors, customers, and talent. Adding SoftBank Vision Fund 2 and Tencent to our notable roster of investors will help solidify PatSnap as the industry standard for innovation intelligence. Both have deep investment expertise with AI-led companies and proven track records supporting sustainable company growth."
PatSnap said it 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.