Singapore: PatSnap, a provider of R&D intelligence and IP intelligence platforms for brands and enterprises, has secured US$300 million in a Series E financing round, led by SoftBank Vision Fund 2 and Tencent Investment.
New investors CPE Industrial Fund and Vertex Growth, besides existing investors Sequoia China, Shun Wei Capital, and Vertex Ventures Southeast Asia & India, also joined the round.
This development comes nearly three years after it secured US$38 million in the Series D round in June 2018.
The London- and Singapore-based firm plans to use the fresh funds to further advance its innovation intelligence platform, accelerate product development, and acquire additional domain expertise in the industry sectors where its technology is used by research and development (R&D) and intellectual property (IP) teams.
The funds will also enable the company to expand its sales presence around the world and invest in the growth and professional development of its employees.
“PatSnap’s mission is to empower innovators to make the world a better place,” said Jeffrey Tiong, founder, and CEO of PatSnap. “Our global footprint, leadership and strategic position in the innovation economy has enabled us to attract top investors, customers, and talent.”
Over the past year, PatSnap says 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.