London- and Singapore-based AI startup PatSnap announced in March 2021 that it has raised US$ 300M in a Series E funding round led by SoftBank Vision Fund 2 and Tencent Investment. Other funding round participants include CPE Industrial Fund, Vertex Growth, Sequoia China, Shun Wei Capital and Vertex Ventures Southeast Asia & India.
This round places PatSnap into the unicorn club, becoming a private B2B platform in Southeast Asia with a valuation of over US$1 billion.
The startup will use the proceeds from the funding round to develop its innovation intelligence platform, fast-track product development, and obtain extra domain expertise in the industry sectors where its technology is used by research and development (R&D) and intellectual property (IP) teams. The fresh capital will also be used by them to expand their sales presence around the globe and spend on the progress and professional development of its employees.
About the startup
PatSnap started in 2007 as a patents analytics startup in Singapore in the year 2007 and grew promptly after it set up a base in China through the NUS Suzhou Research Institute (NUSRI) and BLOCK71 by NUS Enterprise (the entrepreneurial arm of NUS). Its leading R&D Intelligence and IP Intelligence platforms use machine learning (ML), computer vision, natural language processing (NLP) and other artificial intelligence (AI) technology. In 2017, the startup launched an R&D centre in Singapore partly due to maintaining close ties with NUS, and access to Singapore’s talent ecosystem and a solid network of industry partners. Its clients include Dyson, Spotify, Oxford University Innovation and The Dow Chemical Company. The company is now present worldwide with offices in the US, the UK, Canada, Japan and China.
PatSnap noted that it has more than 10,000 customers around the globe, backed by more than 700 employees working from the company’s Asian headquarters in Singapore, European headquarters in London, and North American headquarters in Toronto.
Over the last one year, PatSnap says it has empowered its customers to ominously accelerate time to insight when dealing with unstructured data by an estimated 12x, leading to a projected 3 times increase in successful product launches.
Previously, the startup had secured US$ 38M in a Series D funding round held in June 2018.
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