PatSnap Closes Series C Funding Led by Sequoia Capital
We're delighted to announce that PatSnap has closed its Series C funding round, led by Sequoia Capital, with participation from Shunwei Capital and Qualgro. This funding round puts PatSnap amongst an elite group of B2B SaaS companies to close their Series C round this year, and will help us to accelerate our mission to help companies across every industry to demystify and derive value from intellectual property data.
The PatSnap intelligence platform
The strength of PatSnap’s intelligence platform lies in its ability to comprehend the entire R&D life cycle of a technology company’s intangible assets - from idea generation and research, through product development and commercialization. For many of PatSnap’s customers, their intangible assets, including intellectual property, could account for up to 80% of the company’s value. However, prior to using PatSnap, these companies did not have a strategy to make sense of these assets. With advanced deep learning capabilities applied across globally dispersed datasets such as patent and trademark registrations, PatSnap customers can reach actionable insights without prior knowledge of complex IP data structures, unlocking innovation opportunities faster than ever.
PatSnap's rapid expansion
PatSnap was founded by our CEO Jeffrey Tiong back in 2007. Jeffrey and his founding team spent the several years gauging customer demand while building early versions of the PatSnap platform within an accelerator program at the National University of Singapore.
After raising our Series A funding of US$3.6 million in 2014 and Series B of US$11 million in 2015, the company began its rapid expansion. PatSnap now has offices in China, Singapore and the UK, operating in 40 industries and serving over 3,000 companies worldwide, including NASA, Vodafone, L’Oreal and the Massachusetts Institute of Technology.
Sequoia's investment in PatSnap
Having grown rapidly over the last 3 years, our Series C funding was an opportunity to bring on board strategic partners as well as additional funding. Sequoia Capital is recognised as being the leading venture capital firm, with an unrivalled pedigree in backing category-defining B2B SaaS businesses. We are delighted that Sequoia chose to lead our Series C round, and to join the likes of HubSpot, Dropbox, and Square as part of the Sequoia stable of companies.
Steven Ji, Partner at Sequoia Capital China provided the following statement “PatSnap is expected to contribute great efforts to the technology innovation globally. It has rapidly built a global team, and is exceptional in having a strong customer base spanning Asia, America and Europe. Jeffrey and his team have shown an incredible ability to execute on their vision, product, and go-to-market strategy, demonstrating consistent year-on-year revenue growth.”
Innovation is the lifeblood of the global economy
“We realize that innovation is the lifeblood of the global economy, and intellectual property is an incredibly important asset on a company’s balance sheet" said PatSnap's founder and CEO Jeffrey Tiong. "At PatSnap, we support innovators across every level of the enterprise, from scientists and engineers, to C level executives and directors, by developing intuitive tools which enable them to make better informed decisions around every aspect of the innovation lifecycle.”
What this investment means for PatSnap
PatSnap will invest the funds raised from this Series C to further our R&D work and to continue executing upon our ambitious product roadmap. We are developing new products that address an evolving market where innovation initiatives are becoming important differentiators for any successful business.
PatSnap currently has some 400 employees based in our Singapore, London (UK) and Suzhou (China) offices, and this funding will also enable us to expand our team globally and to continue to deliver world-class support to our international customer base.