PatSnap raises US$300 million in latest round of funding

PatSnap, which provides patent data and analytics services, has secured US$300 million in its latest round of financing from leading investors including Softbank and Tencent, the company announced on Wednesday.

Founded in 2007, PatSnap bills itself as an “innovation intelligence platform" that collects patent data and uses artificial intelligence to provide insights for clients like Dyson, Spotify, Oxford University Innovation and Dow Chemical.

The Singapore-based company has more than 700 employees — 500 in China. Its Chinese headquarters is in Suzhou. The company also provides patent and innovation intelligence services for companies trying to get listed with the Shanghai STAR Market.

"PatSnap empowers the global innovation economy, because it’s used by top investors, customers and talent," said Jeffrey Tiong, the company's founder and chief executive officer.

The new round of funding will enable PatSnap to expand its sales presence around the world, and invest in the growth and professional development of its employees, company officials said.