Government of Singapore-backed Patsnap raises $10m to continue the global expansion of its intellectual property software-as-a-service platform.
Patsnap, a Singapore-based intellectual property software developer backed by the government of Singapore, has raised $10m from growth equity firm Summit Partners.
Patsnap provides a software-as-a-service platform that enables companies to undertake competitive and market intelligence analysis of intellectual property. Businesses can identify patents from government databases which are relevant to them by navigating a three-dimensional overview of related intellectual property.
Patsnap will use the funding to scale its international business.
In September 2014, Patsnap secured $3.6m in a series A round featuring Vertex Venture Management, a subsidiary of the Singapore government’s investment firm Temasek. Venture capital firm Accel-X also invested in that round.
Jeffrey Tiong, co-founder and chief executive of Patsnap, said: “Patsnap has become an integral part of the research and development and innovation playbook for our customers. We support intellectual property innovation across 40 different industries by providing our customers with timely, comprehensive intelligence that enables better analysis of the technology landscape.”