Singapore’s PatSnap reached a valuation topping US$1 billion ($1.35 billion) with a fresh funding round, with SoftBank Vision Fund II and Tencent Investment among those backing the provider of patent analytics.
CPE Industrial Fund and existing investors Sequoia China, Shunwei Capital and Vertex Ventures joined the US$300 million Series E round, the software company said in a statement. PatSnap will use the funds for product development and expanding its sales presence.
PatSnap is benefiting from a surge in R&D spending, with the US and China seeking an edge in technology and science amid heightened trade tensions between the countries. PatSnap’s software lets inventors and researchers gain insights into innovations being developed around the world.
