PatSnap, a provider of innovation intelligence for enterprises including NASA, has secured US$38 million in Series D investment, led by Sequoia Capital and Chinese VC firm Shunwei Capital, with participation from Qualgro VC.
This round brings the Singapore-headquartered company’s total investment to date to over US$100 million.
In November 2016, PatSnap had raised an undisclosed sum in Series C round, led by Sequoia. Prior to this, it had received US$3.6 million, led by Temasek-owned Vertex Venture Holdings, with participation from existing investor Accel-X.
PatSnap plans to invest in R&D and continue to grow its global operations, as per a press statement.
Founded in 2007 by Jeffrey Tiong, PatSnap provides research and development (R&D) analytics for analysing tech trends, driving innovation, market planning, competitor intelligence and maximising return on IP assets. The strength of PatSnap’s intelligence platform lies in its ability to comprehend the entire R&D lifecycle of a technology company’s intangible assets — from idea generation and research — through product development and commercialisation. For many of PatSnap’s customers, their intangible assets including intellectual property could account for up to 80 per cent of the company’s value.
PatSnap claims to have over 8,000 clients globally, of which more than 4,500 are in China.
Two years ago, the company opened its R&D centre in Singapore with support from the Singapore Economic Development Board. It also has offices in the UK, the US and China.
“We have recently made a number of strategic leadership appointments across Europe and Asia, and find ourselves in a very strong position to grow into different countries and industries, and develop even more innovative solutions for our clients. We will also be opening our second North American office in Toronto to better service our clients on the East coast, and to support the huge amount of innovation that is taking place there,” said Tiong.