PATSNAP
PatSnap, an innovation intelligence platform, was founded in 2007 by Jeffrey Tiong and Guan Dian. The company emerged from Tiong’s realization of the challenges companies face in managing and leveraging intellectual property data. This idea led to creation of a platform combining artificial intelligence and machine learning to offer insights into patents and R&D trends.
Initially developed in Singapore, PatSnap quickly expanded its operations, opening offices globally, including in Suzhou, China, and other key markets. Its mission has been to help organizations, from startups to large enterprises, harness intellectual property data to drive innovation and competitive advantage. Over the years, it has grown to serve over 10,000 customers worldwide, including prominent companies like Spotify and Xiaomi.
PatSnap, a leading provider of innovation intelligence software, operates by leveraging AI to simplify and enhance the process of intellectual property (IP) management, R&D, and market innovation. Its platform uses advanced tools to analyse patents, scientific literature, and business data, allowing companies to track emerging trends, understand competitive landscapes, and make informed decisions about R&D investments. This includes patent landscaping, competitor analysis, and tools to uncover market opportunities and untapped technological areas.
As of 2024, PatSnap reported surpassing $100 million in annual recurring revenue (ARR), reflecting a 20% year-over-year growth in 2023. It serves over 12,000 clients across 50 countries, including R&D professionals in life sciences, material sciences, and tech sectors. The company has raised significant funding, with its Series E round in 2021 bringing in $300 million, backed by notable investors like SoftBank, Tencent, and CPE.
PatSnap’s valuation following its latest funding round was not explicitly disclosed but was speculated to be nearly $1 billion, marking its status as a highly valued global innovation leader. It continues to expand its offerings, such as AI-driven tools for patent drafting, freedom-to-operate searches, and solutions for drug and material discovery, showcasing its commitment to revolutionizing innovation management.
