PatSnap, the world’s leading provider of research and development (R&D) analytics, has today closed its Series D investment round led by Sequoia Capital and Shunwei Capital, with participation from Qualgro. The company closed US$38 million from the three investors, taking PatSnap’s total funding to date to over US$100 million.
All of the investors have participated in PatSnap’s previous rounds, with Sequoia Capital leading PatSnap’s Series C investment in November 2016. Since then, PatSnap has launched its own R&D centre in Singapore, opened its first North American office in Los Angeles, and has been hiring at a rapid pace.
Steven Ji, Partner at Sequoia Capital, said “since our initial involvement in PatSnap’s Series C round, we have seen the company double its global employee base and on-board new clients at a phenomenal rate, demonstrating that there is real appetite in the market for tools which can help companies accelerate their rate of innovation.”
He continued: “The team has worked tirelessly to recruit the best and brightest talent, while also investing heavily in its own R&D, establishing a unique position of being the undisputed leader in SaaS for R&D teams across Asia, North America, and Europe. We are delighted to be able to strengthen our commitment to the company in this way.”
Tuck Lye Koh, Founder and CEO of Shunwei Capital, said “PatSnap is one of the fastest growing B2B SaaS companies, and the combination of its global data coverage for R&D, and the advances the team has made with machine learning to help innovation teams derive value from that data makes it the leader in its area.”