Singapore-based Innovation intelligence platform, PatSnap, raised $300 million in its series E round, which makes the total funding raised by the company $400 million.
This new series E round was led by Softbank Vision Fund 2 and Tencent Investment. The participation of some new investors has also been visible like CPE industrial Funds and Vertex Growth, and some existing investors were also seen giving interest in the round as well namely, Shun Wei Capital, CITIC Industrial Funds, Sequoia China and Vertex Venture Southeast Asia and India.
As more money was poured by venture firms all around the world for research and inventions to stay competitive, the need for scrutinizing the importance of R&D(Research and Development) expenses also grows.
About Innovation Intelligence Provider Patsnap
PatSnap is one of those companies that is serving this function. This importance was realized by the Co-founder of PatSnap, Jeffry Tiong while working in the medical devices industry.
PatSnap was founded in 2007 by Jeffry Tiong, in Singapore, with the aim to build a globe permit search database, and with time he pushed the company into the adjacent kingdoms.
PatSnap has become successful in developing a real word “innovation platform”, for both the IP teams(Intellectual property) and R&D(Research and Development)- which uses natural language processing, machine learning, AI, and many more to provide IP and R&D teams at university and research institutions and companies access to technology, market, and other combative intelligence which help in developing their product and taking it to the market.
The co-founder and CEO of PatSnap said that we help the companies by giving a better understanding related of the technology landscape.
Reason Behind Raising $300m Fund By Patsnab
PatSnap gives the following reasoning and purpose for raising this fund-
- They said that they will use this funding in advancing their innovation intelligence program.
- They also revealed to further accelerate their product development.
- To expand the presence of their sale all around the globe.
- To add additional domain expertise in the sector of industry where the R&D and IP teams will use it.
- They also said that they will invest this fund in the professional development and growth of their employees.
Tiong also said that “the timing of the market is right for them, now, the companies need to innovate more than ever”
Patsnap has more than seven hundred(700) employees, who are working from different locations of the company the European headquarters in London, Singapore, and the North American headquarters in Toronto, which supports more than ten thousand (10,000) customers all around the world.
Spotify, PalPal, Siemens, Oxford University Innovations Dyson, and The Dow Chemical Company are some of PatSnap’s clients.
The largest market for patsnap is in the United States, although China is also growing swiftly as a revenue stream within the country’s permit filing spree.
Summit Partners’ managing director, Greg Goldfarb has given the title to PatSnap “A truly Global Mindset” and said that he rarely sees any new software as a service company that he sees in PatSnap.
It is believed by them that PatSnap’s products can give importance to every company, organization, government, or research and as a result and as long as it continues to innovate like this then the company has almost an endless runaway ahead.
Patsnap aipowered 300m Funding
PatSnap, a provider of innovation intelligence, has secured $300 million in Series E funding. the investment round was co-led by SoftBank Vision Fund 2 and Tencent Investment. other investors like CPE Industrial Fund Sequoia China, Shun Wei Capital, and Vertex Ventures joined in the funding round.
The future of innovation is surely going to be renovated. The aim of PatSnap for using this fund of $300M will undoubtedly make the IP and R&D teams super workable and important as per patsnap aipowered 300m softbankwiggersventurebeat.
They have decided to advance the innovation platform, increase the development of products, expand their sales, and decided to advance the professional growth of their employees.
It is an extensive IP intelligence platform that is designed to support innovative cultures and companies.
This is the Series E round raised by PatSnap.
This round was led by Softbank Vision Fund 2 and Tencent Investment along with some new and existing investors.
It was founded by Jeffry Tiong in 2007. PatSnap is situated in Singapore.