Patsnap grows annual revenue 20% in 2023, ARR hits $100m in Q2 2024

Patsnap’s Shanghai office / Photo credit: PatSnap

Patsnap, a Singapore-based intellectual property (IP) and R&D intelligence firm, said it reached US$100 million in annual recurring revenue in the second quarter of 2024. Meanwhile, revenue in 2023 grew by 20% compared to the previous year.

The firm serves nearly 12,000 IP and R&D teams in 50 countries around the globe. These teams use Patsnap’s platform to help get insights into risks and opportunities related to IPs and accelerate the tech assessment process.

The company credits its growth to the expansion of its suite of services. These now include AI tools for patent drafting and claims charting, among others.

Patsnap has also been investing in products in life sciences and materials sciences. Among all the domains and verticals Patsnap is in, founder and CEO Jeffrey Tiong said the firm is “particularly excited about the potential value creation” in these two areas.

With a compound annual growth rate exceeding 50% in the past three years, Patsnap’s life sciences products have gained over 200,000 users.

In 2022, the company grew its revenue 21% year on year to US$80.1 million, according to data from Alternatives.pe, which tracks regulatory filings in Singapore. This progress was driven mainly by subscription services for Patsnap’s products. Its loss before tax narrowed by 12% to US$30.3 million as well in the period.

Now, the company said it aims to strengthen its offerings, widen its market, and explore strategic M&As to boost its abilities and market position.

See also: Patsnap invested ‘7 digits’ to develop an LLM. Will it pay off?