Singapore-based innovation intelligence company PatSnap has raised $300 million in a Series E round led by SoftBank Vision Fund 2 and Tencent Investment, according to a press statement.
Existing investors namely CITIC Industrial Fund, Sequoia China, Shunwei Capital, Vertex Growth (VGF) as well as Vertex Ventures Southeast Asia and India (VVSEAI) participated in the round.
PatSnap reached a valuation topping $1 billion following the fresh funding, Bloomberg reported.
The company will use the proceeds to advance its innovation intelligence platform, accelerate product development, and acquire additional domain expertise in the industry sectors. The company will also expand its global sales presence, as well as invest in the growth and professional development of its employees.
“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,” said PatSnap founder and CEO Jeffery Tiong, in the statement.
In June 2018, PatSnap raised a $38-million Series D round from Sequoia Capital, Shunwei Capital and Qualgro.
PatSnap’s technology analyses and connects 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’s clients include Dyson, Spotify, Oxford University Innovation, and The Dow Chemical Company.
“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,” said SoftBank Investment Advisers managing partner Eric Chen.
Currently, the world’s companies are under pressure to increase the pace of innovation which encourages more money spent for R&D annually. According to R&D World, $2.4 trillion will be spent on R&D in 2021. However, the returns from R&D are dwindling with a 65% drop in R&D productivity, according to an article published in HBR.
Founded in 2007, PatSnap has over 10,000 customers across 50 countries and employs 700 people in Singapore, London, UK and Toronto, Canada.