PatSnap raises US$3.6M funding led by Vertex Venture Holdings
Singapore-based patents analytics platform will use the funds to expand its operations worldwide; currently has presence in Singapore, China and LondonBy Rahil Bhagat 01 Sep, 2014
PatSnap, a Singapore-based patents analytics platform, has announced a S$4.5 million (US$3.6M) investment led by Temasek-owned Vertex Venture Holdings Ltd along with participation from existing investor Accel-X to ramp up its worldwide operations.
The company currently has offices in Singapore, China, London and aims to establish a US presence in the near future.
PatSnap started operations in 2007, and today claims to have more then 500 clients from all around the world including IBM, Xiaomi, L’oreal, Logitech and Vodafone.
“PatSnap started out with one dream — to become the ‘Amazon’ of innovation, providing a platform to accelerate the speed of technology commercialisation and discovery for inventors, research institutes and companies,” said Jeffrey Tiong, Founder and CEO, PatSnap.
PatSnap’s current platform allows users to visualise patent search results on a 3D topographical map. Patents are grouped according to their technology areas for easy sorting. This, according to the company, helps users identify patents that are relevant to them without wading through the entire document.
Tiong further added, “…We need to educate people on why they should not re-invent the wheel if there is already an existing technology. Not only that, if someone did invent a new wheel, they need to know why it is important to protect their Intellectual Properties (IP).”
Global IP transactions are valued at US$20 billion a year, and with an average of 16 new patent lawsuits filed daily in the US, and a patent application submitted each minute in China, PatSnap aims to be the internet’s go to place for patent information.
“We are excited about being at the forefront of this nascent industry and with the support of Vertex Group and Accel-X, it will enable us to run faster, higher and further,” added Tiong.