Sequoia Capital and Shunwei Capital, the investment firm founded by Xiaomi co-founder and CEO Lei Jun, have led a $38 million Series D funding round into PatSnap, a provider of research and development (R&D) analytics.
In an announcement, PatSnap said that it secured $38 million from the three investors, taking its total funding to date to over $100 million.
Qualgro Venture Capital, which invests in technology startups in Southeast Asia, India, Australia and New Zealand, at Series A and Series B also participated in the investment round.
“Since our initial involvement in PatSnap’s Series C round, we have seen the company double its global employee base and on-board new clients at a phenomenal rate, demonstrating that there is real appetite in the market for tools which can help companies accelerate their rate of innovation,” said Steven Ji, Partner at Sequoia Capital.
According to Jeffrey Tiong, Founder and CEO of PatSnap revealed that the company will also open its second North American office in Toronto to better service clients on the East coast, and to support the huge amount of innovation that is taking place there.
While the tech startup has yet to spend the majority of its funding received from its Series C round, it plans to invest further in R&D and continuing to grow its global operations.
Founded in 2007, PatSnap has over 8,000 clients globally, with more than 4500+ clients in China. Sequoia Capital, Shunwei Capital and Qualgro backed the company since 2016 when it raised an undisclosed Series C funding round.