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Singapore-founded IP platform raises $300 mln to become unicorn

· 03/16/2021 18:00
Singapore-founded IP platform raises $300 mln to become unicorn

- PatSnap, an intellectual property platform, has raised $300 million in its latest funding round led by SoftBank Vision Fund 2 and Tencent Investment, joining a list of global technology unicorns.

Existing investors Sequoia China, Shun Wei Capital and Vertex Ventures Southeast Asia & India also participated in the round, said the Singapore-founded firm whose clients include Dyson, Spotify, Oxford University Innovation, and The Dow Chemical Company.

PatSnap has raised more than $400 million since its founding in 2007, co-founder and Asia Pacific Vice-President Guan Dian said in an interview.

After the latest financing, PatSnap's valuation has risen to "much more than" $1 billion, Guan said, but did not disclose a specific amount.

PatSnap has its global headquarters in Singapore, London and Toronto. Its database, which includes patent information and research journals, is used by companies making investment decisions regarding innovation and research and development.

The research intelligence platform plans to use the proceeds for product development, to acquire data and more domain expertise, and increase its sales globally.

(Reporting by Aradhana Aravindan in Singapore, Editing by Sherry Jacob-Phillips)