INSUBCONTINENT EXCLUSIVE:
PatSnap, a Euro-Asian company that offers a patent and RD platform and services, has pulled in a$38 million Series D funding round led by
existing investors Sequoia andShunwei Capital, the investment firm founded by Xiaomi co-founder and CEO Lei Jun
Southeast Asia&sQualgro also took part.
All three backed the company in 2016 when it led an undisclosed Series C round
While PatSnap didn&t give a figure for that previous round, it is saying this time around that it has raised over $100 million to date
Doing some quick via math via figures on Crunchbase suggests that the Series C was something in the region of $50 million.
PatSnap was
founded in 2007 and itis based out of the UK and Singapore, with locations in China and the U.S.
The company started out as essentially a directory for IP, helping companies — and particularly enterprises — pull in data for RD and
product development purposes.
The company claims8,000 clients worldwide, with the U.S
its largest market for revenue
PatSnap said that in China, its second-largest market and a major focus for the firm, it said it has more than 4,500 clients
In addition to its coreservice, it is focused on going beyond a data repository to offer services for enterprises that help manage internal
product development and other RD initiatives.
&Patent data let us kick down the door and earn respect, but now we&re looking at completely
different products,&Ray Chohan, SVP of corporatestrategy at PatSnap told TechCrunch in an interview.&We are working onnew products for RD
with a long-term view of becoming the software stack for RD teams.&
That exactly how this new capital will be put to work, Tiong said
Related to that, the company plans to open an office in Toronto, Canada, for development
Already, the company has 700 staff across a range of offices that include London (commercial), China (product), Singapore (machine learning)
and LA (go to market).
Series D is afairly advanced stage for a startup in Southeast Asia (and London) and exits are something that the tech
industry is giving more thought to given the growth of the ecosystem, and events such as Sea U.S
Despite that, Chohan — who founded the company London-based office — said that he not thinking too hard about the future for now.
&Our
obsession is our employees, customers and building great products,if we can do that then the byproduct of a liquidity event will happen by
itself,& he explained.
Chohan added that PatSnap is &well funded& and on course to become profitable over the next two to three years.