SoftBank and Tencent have now joined PatSnap’s impressive roster of investors. The leading innovation intelligence company has raised $300 million in its Series E. The round was led by SoftBank Vision Fund 2 and Tencent Investment with participation from CPE Industrial Fund and existing investors Sequoia China, Shun Wei Capital, and Vertex Ventures.
Jeffrey Tiong, Founder and CEO of PatSnap, said: “Our global footprint, leadership, and strategic position in the innovation economy have enabled us to attract top investors, customers, and talent.”
PatSnap will use the funds to augment the advancement of its innovation intelligence platform, accelerate product development, and acquire additional domain expertise in the industry sectors where its technology is used by research and development (R&D) and intellectual property (IP) teams. The company will also use the funds to expand its sales presence across the globe and invest in helping its employees grow professionally.
“We believe AI is radically changing industries, and PatSnap is a technology leader using AI to enable companies to innovate faster using IP data and R&D analytics,” said Eric Chen, Managing Partner, SoftBank Investment Advisers, on PatSnap’s innovation.
PatSnap has over 10,000 customers around the world. Its highlighted clients include Dyson, Spotify, and Oxford University Innovation. The company has 7,000 employees on its payroll.
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