London-based cloud software company PatSnap has closed a funding round from Sequoia Capital, with participation from Shunwei Capital and Qualgro. The amount of the deal was undisclosed, though Business Insider reported the round was in the “tens of millions of dollars.”
The company said it will use the funding to develop new products and expand its team, which now includes 400 employees in Singapore, London and Suzhou, China.
PatSnap describes itself as an “IP intelligence” firm that can comprehend the entire R&D life cycle of a technology company’s intangible assets – from idea generation and research, through product development and commercialization.
“At PatSnap, we support innovators across every level of the enterprise, from scientists and engineers, to C level executives and directors, by developing intuitive tools which enable them to make better informed decisions around every aspect of the innovation lifecycle,” founder Jeffrey Tiong said in a statement.
Founded by CEO Jeffrey Tiong, the company spent several years building early versions of the PatSnap platform within an accelerator program at the National University of Singapore. PatSnap now operates in 40 industries and serves more than 3,000 customers worldwide, including NASA, Vodafone, L’Oreal and the Massachusetts Institute of Technology. PatSnap has earlier raised a Series A of US$3.6 million in 2014 and a Series B of US$11 million in 2015.