PatSnap wins $300mn funding to change how we innovate - The EE

PatSnap wins $300mn funding to change how we innovate

Jeff Tiong, Guan Dian, Markus Haense and Ray Chohan of PatSnap

PatSnap has secured US$300 million (€251.98 million) in Series E funding. The company aims to advance its innovation intelligence platform, accelerate product development, and acquire additional domain expertise in the industry sectors where its technology is used by research and development (R&D) and intellectual property (IP) teams.

The funds will also enable PatSnap to expand its sales presence around the world, and invest in the growth and professional development of its employees to ensure the company is well-positioned to address the complex needs of its customers.

PatSnap’s flagship R&D Intelligence and IP 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 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 commercialisation.

“PatSnap’s mission is to empower innovators to make the world a better place,” says Jeffrey Tiong, founder and CEO of PatSnap. “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.” 

Companies around the world are under pressure to increase the pace of innovation. And while more money is spent on R&D every year US$2.4 trillion (€2.02 trillion) in 2021 according to R&D World the returns are dwindling. An article published in HBR also noted a 65% drop in R&D productivity.

PatSnap’s AI-powered technology addresses this issue by analysing and connecting the key relationships between millions of unstructured data points across disparate data sources to deliver insights that guide R&D decisions and help accelerate the time it takes to bring new innovations to market.

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. Over the past year, PatSnap has enabled its customers to significantly accelerate time to insight when dealing with unstructured data by an estimated 12x, leading to an estimated 3x increase in successful product launches.

“We believe AI is radically changing industries, and PatSnap is a technology leader using AI to enable companies to innovate faster using IP data and R&D analytics,” says Eric Chen, managing partner, SoftBank Investment Advisers. “We are pleased to partner with Jeffrey and the PatSnap team to support their mission of helping innovators make faster, more informed decisions through connected innovation intelligence.”

Ray Chohan, Markus Haense, Jeff Tiong and Guan Dian

“We believe in a connected world and are impressed with PatSnap’s AI-centric platform that helps organisations and researchers to connect the dots,” says Levin Yao, managing partner of Tencent Investment.

“PatSnap is the clear leader in the connected innovation intelligence category. Its impressive portfolio of customer use cases reinforces its role in enabling companies to significantly improve their ability to identify business opportunities and threats across multiple domains and industries.”

The investment round was led by SoftBank Vision Fund 2 and Tencent Investment with participation from existing investors CITIC Industrial Fund, Sequoia ChinaShun Wei Capital, and Vertex Ventures.

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