Singapore-based PatSnap, a provider of intellectual property analytics and management software, has raised $10 million in funding. The investor was Summit Partners.
Singapore – December 16, 2015 – PatSnap, the leading provider of web-based intellectual property analytics and management software built on a database of global patents and intellectual property, today announced that it has closed a $10 million investment from global growth equity investor Summit Partners. This investment will help PatSnap continue to scale its business to meet growing demand around the world as PatSnap seeks to become the definitive source of intellectual property intelligence for business and technical professionals around the world.
Founded in 2007, PatSnap’s software-as-service platform provides competitive and market intelligence, as well as IP analysis and research for IP-driven organizations. As the basis for competitive advantage shifts toward intellectual property, innovation, and know-how globally, understanding an institution’s position and effectiveness in intellectual property creation has become essential to the long-term success of nearly any commercial or research institution. The PatSnap platform ingests, maps, and links over 100 million patents from virtually every relevant jurisdiction in the world. Proprietary analytics and visualization software allows researchers to conduct intellectual property research and monitor IP evolution in a sector.
PatSnap serves thousands of corporations, research and academic institutions, and governments in almost every industry around the world. Customers – including NASA, Vodafone, L’Oreal, MIT and the National Institutes of Health – operate in industries ranging from technology, life sciences, consumer products, manufacturing, education and other sectors. They use PatSnap to research their upcoming innovations and new product opportunities, map and monitor their market and competition, identify potential partners and customers, and manage their intellectual property programs.
“PatSnap has become an integral part of the R&D and innovation playbook for our customers,” said PatSnap co-Founder and CEO, Jeffrey Tiong. “We support IP innovation across 40 different industries by providing our customers with timely, comprehensive intelligence that enables better analysis of the technology landscape. With Summit’s support, we are focused on continuing our growth trajectory and accelerating our impact on innovation economies worldwide.”
“The PatSnap team has done a remarkable job building the industry’s leading platform for turning data on global intellectual property into true analysis and understanding,” said Greg Goldfarb, a Managing Director at Summit. “Researchers and business professionals can easily research all aspects of their innovation and research programs and understand how they are evolving in both their market and research domains. Summit has a history of backing market-leading innovators in many different industries and our investment in PatSnap allows us to support an exceptionally innovative company, and one that is helping to advance the innovation and new product creation efforts everywhere in the world.”
PatSnap is the leading IP Analytic and Management platform that empowers even non IP-proficient users to understand this competitive landscape. Through our simple yet powerful interface, IP is now accessible to everyone allowing you to compete and innovate on a global scale. Since it was founded in 2007, PatSnap has served thousands of customers in more than 30 countries worldwide. For more information, visit www.patsnap.com.
About Summit Partners
Founded in 1984, Summit Partners is a global growth equity firm that is currently investing more than $6.5 billion into equity and fixed income opportunities. Summit has invested in more than 400 companies in technology, healthcare and other growth sectors. These companies have completed more than 135 public offerings, and more than 150 have been acquired through strategic mergers and sales. Notable technology companies financed by Summit Partners include Avast, Belkin, Clearwater Analytics, Flow Traders, Hyperion Solutions, Infor, McAfee, NetWitness, Postini, RiskIQ, SafeBoot, Uber and WebEx. Summit maintains offices in North America and Europe and invests in companies around the world. For more information, visit www.summitpartners.com or follow on Twitter at @SummitPartners