Singapore’s PatSnap, an intellectual property intelligence firm powered by artificial intelligence, has raised an undisclosed amount in a series C funding led by Sequoia Capital China.
Chinese venture capital firm ShunWei Capital too participated in the funding round, according to an announcement today.
PatSnap had earlier raised money in a series A and B funding rounds from Summit Partners and Vertex Ventures in 2014 and 2015, according to media reports.
PatSnap claims to operate one of the biggest intellectual property data-set in the world with over 118 million patents, complete with licensing and litigation data, economic data, patent valuation, image and chemical formula search, trademark recognition and other metrics.
“With our roots in China, we are a technology-focused Software as a Service (SaaS) company dedicated to providing professional services to over 3,000 companies in and outside of China,” PatSnap co-founder Zhang Jihui said in the announcement.
The company utilizes the data to help companies including IBM, US Department of Defence and NASA to handle their intellectual property-related analytics.
With offices in Singapore, London, Silicon Valley, Beijing, Shanghai and Suzhou, the company currently has over 200 research and development professionals.
“Creating high quality product to service the world by utilizing China’s competitive advantages in technology research and development is a business model that we we like,” said Shunwei Capital founding partner and CEO Tuck Lye Koh.
ShunWei mainly invests in early startups and growth companies in the internet industry, mobile Internet, high tech, and any other opportunities created by disrupting traditional businesses.