Gabriel Budi Sutrisno · · 1 min readPatSnap revenue grows 21% in 2022, expenses top $119m
(From left) PatSnap CEO Jeffrey Tiong, CMO Guan Dian, and CTO Markus Haense / Photo credit: PatSnap
PatSnap, a Singapore-based patent database firm, recorded revenue of S$106.3 million (US$80.1 million) in 2022, a 21% increase from the year before.
Its loss before tax narrowed by 12% to US$30.3 million, according to VentureCap Insights, which tracks regulatory filings in Singapore.
Tech in Asia has reached out to PatSnap for comments.
The revenue surge was mainly driven by the firm’s subscription services, which contributed US$72.3 million in 2022, growing 18% year on year. These subscriptions are for the company’s intellectual property analytics and management services.
Meanwhile, PatSnap’s overall expenses grew 16.7% to US$119.2 million. Of that amount, US$91.7 million was spent on employee benefits – a 22% increase from the year prior.
In 2021, the company became a unicorn after securing US$300 million in a funding round led by SoftBank and Tencent.
Founded in Singapore in 2007, PatSnap has offices in the US, Europe, and China. Co-founder Guan Dian previously told Tech in Asia that it also had plans to expand to Japan.
Its clients include the likes of Disney, Tesla, and NASA.
See also: How PatSnap grew to become a billion-dollar company
Currency converted from Singapore dollar to US dollar: US$1 = S$1.33.
Editing by Miguel Cordon and Lorenzo Kyle Subido
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
