PatSnap, a global innovation intelligence firm, has today announced it has secured $300m in Series E funding.
The investment round was led by SoftBank Vision Fund 2 and Tencent Investment with participation from CPEIndustrial Fund and existing investors Sequoia China, Shun Wei Capital, and Vertex Ventures.
PatSnap plans to use the 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 PatSnap to expand its sales presence around the world and invest in the growth and professional development of its employees to ensure the company is well positioned to address the complex needs of its customers.
“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 have enabled us to attract top investors, customers, and talent. Adding Softbank Vision Fund 2 and Tencent to our notable roster of investors will help solidify PatSnap as the industry standard for innovation intelligence. Both have deep investment expertise with AI-led companies and proven track records supporting sustainable company growth.”
PatSnap has more than 10,000 customers around the world, supported by more than 700 employees working from the company’s Asian headquarters in Singapore, European headquarters in London, and North American headquarters in Toronto.