PatSnap — a Singapore-grown patents analytics platform provider — has received a $4.5 million (US$3.6 million) investment to fund its worldwide expansion plans.
The funding was led by Vertex Venture Holdings Ltd along with participation from existing investor Accel-X Pte Ltd, said PatSnap in a press statement.
Founded in Singapore in 2007, PatSnap today has more than 500 clients worldwide, consisting of corporations as well as academic and research institutions. Clients include IBM, Xiaomi, Vodafone, NASA, Agency for Science, Technology and Research (A*STAR), and Yale University. The company currently has presence in Singapore, Suzhou, Shanghai and London, and it plans to establish a US presence in the near future.
PatSnap's platform aims to "provide a platform to accelerate the speed of technology commercialisation and discovery for inventors, research institutes and companies," said Jeffrey Tiong, founder and CEO of the company. The platform simplifies patents and allows users to visualise patent search results on a 3-dimensional topographical map. Patents are grouped into 'islands' according to their technology areas, and different coloured spots on the island represent patents owned by different companies. This enables users to quickly identify patents within the islands which are relevant to them without having to plough through the entire patent document.
Using their global footprint, PatSnap also offers a platform that facilitates commercialisation as well as brings together companies and technologies that enhance capability development.
"We want to be the Amazon of innovation and to do that, we need to educate people on why they should not reinvent the wheel if there is already an existing technology," said Tiong. "Besides that, if someone did invent a new wheel, they need to know why it is important to protect their intellectual properties (IP)."
With an average of 16 new patent lawsuits filed daily in the U.S and one patent application submitted each minute in China, PatSnap's platform is poised to help tech companies seek greater clarity and ownership to their IP.
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