Singapore-headquartered innovation data aggregator PatSnap received $300m yesterday in a series E round co-led by telecommunications and internet conglomerate SoftBank’s Vision Fund 2 and internet group Tencent.
Venture capital firms Sequoia Capital China, Shunwei Capital and Vertex Ventures also participated in the round, as did CPE Industrial Fund, a vehicle for state-backed investment bank Citic Group’s Citic Private Equity Funds Management subsidiary.
Founded in 2007, PatSnap operates an artificial intelligence (AI)-equipped data analytics platform that collects information from various sources including VC and mergers and acquisitions transactions, technology patents and intellectual property. Dow Chemical, Dyson, Oxford University Innovation and Spotify are among its customers.
The company will use the cash to enhance its AI technology in areas including machine learning, computer vision and natural language processing, as well as conducting product innovation and better understanding its customers’ sectors.
PatSnap will also hire sales representatives globally and provide further professional training for its existing workforce. The funding valued it above $1bn, according to The Straits Times.
The round comes after an undisclosed amount of funding from Jiantou Huawen Investment in October 2018, four months after PatSnap received $38m in a series D round led by Sequoia Capital and Shunwei Capital and backed by Qualgro VC.
Sequoia had led a series C round of undisclosed for PetSnap in 2016, investing with Shunwei Capital and Qualgro VC. Summit Partners provided $10m in funding the year before, and the company collected $3.6m in a 2014 round led by Vertex Ventures that also featured Accel-X.
Jeffrey Tiong, founder and chief executive of PatSnap, said: “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.”
