PatSnap, the earth's leading provider of research and development analytics, has today closed its Series D investment round led by Sequoia Capital and Shunwei Capital, with participation from Qualgro.
The company closed US$38 million from the three investors, taking PatSnap's total funding up to now to in excess of US$100 million.
All from the investors have took part in PatSnap's previous rounds, with Sequoia Capital leading PatSnap's Series C investment in November 2022. Since then, PatSnap has launched its own R&D centre in Singapore, opened its first United states office in Los Angeles, and it has been hiring at a rapid pace.
Steven Ji, Partner at Sequoia Capital, said “since our initial involvement in PatSnap's Series C round, we have seen the organization double its global employee base and on-board new customers at a phenomenal rate, demonstrating that there is real appetite looking for tools which will help companies accelerate their rate of innovation.”
He continued: “The team has worked tirelessly to recruit the very best and brightest talent, whilst investing heavily in the own R&D, establishing a unique position to be the undisputed leader in SaaS for R&D teams across Asia, North America, and Europe. We are happy to have the ability to strengthen our commitment to the organization in this way.”
Tuck Lye Koh, Founder and CEO of Shunwei Capital, said “PatSnap is among the fastest growing B2B SaaS companies, and the combination of its global data coverage for R&D, and the advances the team has made with machine understanding how to help innovation teams derive value from that data causes it to be the best choice in its area.”
Jeffrey Tiong, Founder and CEO of PatSnap, asserted “We recently designed a number of strategic leadership appointments across US, Europe and Asia, and discover ourselves in a really strong position to grow into different countries and industries, and develop much more innovative solutions for the clients. We will also be opening our second North American office in Toronto to better service our clients on the New england, and to offer the huge amount of innovation that's taking place there.”
An estimated US$2.19 trillion will be spent on R&D globally in 2022, however in yesteryear three decades, global R&D efficiency has decreased by about 65 percent. Ray Chohan, SVP Corporate Strategy, added that “businesses are investing a significant proportion of their turnover in R&D, but a large proportion of that money is wasted developing ideas which will never achieve a return on investment. By using big data, analytics and machine learning, we are giving innovation leaders the data they have to make smarter decisions around their R&D and investment strategy.”
While PatSnap has yet to spend the majority of its funding caused by its Series C round, it intends to invest further in R&D and continuing to develop its global operations. Mr. Tuck Lye Koh says that “the challenges of developing, maintaining and making feeling of such large and complex datasets are very strong barriers to entry, and what PatSnap continues to be in a position to achieve in this short time is remarkable. We desired to re-invest because we firmly have confidence in the company's vision, and due to the huge potential for further growth as the company expands into new markets and geographies.”