Over 10,000 Customers and 100,000 Users
The AI startup said it will use the proceeds to improve its AI platform, invest in software product development, as well as hire new employees. The company also said the new capital will allow it to expand its sales unit and invest a part of it in employees’ professional growth and professional development.
“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,” said Jeffrey Tiong, founder and CEO of the startup.
R&D service providers are constantly rushing to bring innovation and even though more money is invested in this market each year, the productivity remains weak. According to a report published by Harvard Business Review, R&D productivity plummeted by 65%, despite the fact that $2.4 trillion was spent on the sector in 2021.
“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, a managing partner at SoftBank Investment Advisers.
PatSnap, a startup founded in 2007, started operating as a directory for intellectual property (IP), which companies used to obtain R&D-related data. However, the company continued to grow and developed new technologies related to AI-based machine learning, natural language processing, as well as computer vision that determines the relationships between millions of unstructured data points across various IP sources.
The startup also said that its natural language processing solutions are able to analyze over 500 million documents and 200 sources. Additionally, the program can find a relationship between these documents, entities, and taxonomy systems. Based on the information it gathered, its AI solution and machine learning then develop a number of models that create a unique index analysis for each patent and paper.
The startup claims it links 140 million patents (licenses, litigations, and other company information) with non-patent literature and connects more than 250 million data points across 116 jurisdictions within a single platform.
It also said it serves more than 10,000 customers and 100,000 users around the globe, including big names such as Disney, Tesla, Paypal, and Spotify, and claims it helps them launch their products three times faster.
AI platform PatSnap said today it raised $300 million in Series E funding round, led by SoftBank Vision Fund 2 and Tencent Investment.
About the Author
Avi Ben Ezra is the CTO and Co-founder of SnatchBot and SnatchApp (Snatch Group Limited). He leads the Group’s long-term technology vision and is responsible for running all facets of the tech business which includes being the architect of the platforms and UI interfaces.