Funds for 'Innovation Intelligence' Platform PatSnap

Innovation intelligence platform PatSnap has raised $300m in a Series E round of funding, which it will use to prepare for its next phase of growth.

PatSnap's flagship R&D Intelligence and IP Intelligence platforms use machine learning, computer vision, natural language processing and other AI technology to provide clients with access to market, technology and competitive intelligence, as well as to the patent insights needed to take their products from ideation to commercialization. The firm's technology analyzes and connects the 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.

The latest investment has been led by SoftBank Vision Fund 2 and Tencent Investment, with participation from CPE Industrial Fund and existing investors Sequoia China, Shun Wei Capital, and Vertex Ventures. Funds will also be used for product development, to expand PatSnap's sales teams, and invest in professional development for employees.

PatSnap CEO Jeffrey Tiong (pictured) comments: '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'.

The firm, which employs more than 700 staff from its headquarters in Singapore, London and Toronto, is online at: www.patsnap.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.