PatSnap Closes Series C Funding led by Sequoia Capital China

• Investment to be used to accelerate PatSnap’s technology innovation
• Raised a Series A of US$3.6 million in 2014 and a Series B of US$11 million in 2015

PATSNAP, a technology solution provider of innovation intelligence announced it has closed its Series C funding.

The round was led by Sequoia Capital and participated in by Shunwei Capital and Qualgro. This funding round puts PatSnap amongst a 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. 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.

PatSnap has earlier raised a Series A of US$3.6 million in 2014 and a Series B of US$11 million in 2015.

“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 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.

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.
 
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