PatSnap raises series C from Sequoia to help businesses manage their intellectual property

Photo credit: designer491 / 123RF.

PatSnap, an online intellectual property (IP) intelligence service for businesses, announced today it has closed a series C round of funding. The round is led by Sequoia Capital China and is joined by Shunwei Capital and Qualgro. The funding amount is undisclosed, but SVP of corporate development and strategy Ray Chohan tells Tech in Asia it’s in the “tens of millions of dollars.”

(Update, 24/11: Updated with comments from Ray Chohan, PatSnap SVP of corporate development and strategy.)

“Innovation is the lifeblood of the global economy, and intellectual property is an incredibly important asset on a company’s balance sheet,” says founder and CEO Jeffrey Tiong in a statement.

PatSnap will establish a research and development center in Singapore.

The Singapore- and London-based company claims its platform can handle a business’ research and development IP needs from idea generation to commercialization. PatSnap uses machine learning and artificial intelligence to go through datasets like patent and trademark registrations all over the world.

The startup will use the funding to boost research and development on new products. These include an IP management service that’s focused on material science and pharmaceuticals, which Ray says should launch before the end of the year. A wider suite of IP-related services is also on the cards. The company currently employs 400 people across three offices in Singapore, London, and Suzhou, and aims to keep expanding its global team.

PatSnap will establish a research and development center in Singapore, where it plans to hire 20 more engineers and data scientists. It will work with the city-state’s Economic Development Board to “drive further innovation to existing programs and support the Singapore government’s data-driven Smart Nation vision.”

The startup claims to serve over 3,000 customers, including NASA, Vodafone, and the MIT. It previously raised US$11 million in a series B round led by Summit Partners. Not counting the series C round, it has raised around US$16 million in external funding from investors like Vertex Ventures and Temasek Holdings. Ray does not reveal any numbers, but says the company has been growing in terms of revenue at a rate of 120 percent year-on-year.