
Sequoia, Shunwei lead $38m round for PatSnap
PatSnap, a cloud-based intellectual property analytics and management software developer based in the UK and Singapore with more than half of its clients in China, has raised a $38 million Series D round led by Shunwei Capital and Sequoia Capital.
Qualgro, a VC firm that spun out from Singapore asset manager Gordian Capital last year, also participated in the round, according to a release. The company will use the capital to accelerate its expansion by opening its second North American office in Toronto, as well as to invest in R&D.
The new round brings PatSnap’s total funding to $100 million, including Series A and B rounds of $3.6 million and $10 million, respectively, and a Series C round of undisclosed size in 2016. All three investors in the current round have backed the company before.
Founded in 2007 in Singapore, PatSnap provides market intelligence as well as IP analysis and research for global corporations, research and academic institutions, and governments through its software-as-a-service platform. It has over 8,000 clients worldwide, more than 4,500 of which are located in China, and has offices in the UK, Singapore, China and the US.
“The challenges of developing, maintaining and making sense of such large and complex datasets are very strong barriers to entry, and what PatSnap has been able to achieve in such a short period of time is remarkable,” said Tuck Lye Koh, co-founder and CEO of Shunwei. “We wanted to re-invest because we firmly believe in the company’s vision, and because of the massive potential for further growth as the company expands into new markets and geographies.”
Shunwei was established in 2011 by Koh and Lei Jun, co-founder of Xiaomi. The firm has more than $2 billion in assets under management across three US dollar-denominated funds and two renminbi funds.
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