Venture Capital: AI-Powered Innovation Platform PatSnap Secures $300M Including From SoftBank
The provider of patent analytics has 10,000+ customers across 40+ countries.
Patsnap announced Tuesday its Series E funding of $300 million 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. The company, which operates out of multiple headquarters in Toronto (North America), London (Europe), and Singapore (Asia), is a leader in the so-called “connected innovation intelligence category.” (BusinessWire)
“PatSnap’s mission is to empower innovators to make the world a better place,” said Jeffrey Tiong, founder and CEO of PatSnap, in a statement. “Our global footprint, leadership, and strategic position in the innovation economy have enabled us to attract top investors, customers, and talent.”
The startup’s clients include Dyson, Spotify, Oxford University Innovation, and The Dow Chemical Company. Its name is formed from the term “patents in a snap.”
The company was founded in 2007. It last raised $38 million in a Series D in June 2018. Cumulatively, it has raised about $400 million since its founding.
According to The Straits Times, the startup has turned unicorn with the latest funding.
AI-centric innovation platform accelerates product launches
Patsnap’s R&D Intelligence and IP Intelligence platforms provide real-time R&D intelligence from millions of disparate but innovation-relevant data points – connecting the dots, so to speak, for overworked and data-overwhelmed researchers.
These data points include relevant news, articles, blogs, journals, market reports, patent filings, scientific literature, government grants, clinical trials, VC investments, VC deal trends, M&A, and information on competitors such as market leaders, start-ups, and players in the adjacent space.
PatSnap uses machine learning (ML), computer vision, natural language processing (NLP), and other artificial intelligence (AI) technology to make sense of all this information.
PatSnap claims it has enabled its customers to significantly accelerate time to insight when dealing with unstructured data by an estimated 12x, leading to an estimated 3x increase in successful product launches.
“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 Eric Chen, Managing Partner, SoftBank Investment Advisers.
Use of funds
PatSnap will use the funds to further develop its innovation intelligence platforms and also expand its sales reach across the globe.
It will invest in the professional development of its 700+ employees across the world.
Related Story: Venture Capitalists Will Use More AI By 2025 (Gartner)
Image Credit: Patsnap (via Glassdoor)
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