Provider of research and development (R&D) analytics, PatSnap, has closed its Series D investment round, raising $38 million from three investors and raising the company’s total funding to date to more than $100 million.
Invest in growth
This investment round was led by Sequoia Capital and Shunwei Capital with participation from Qualgro. All investors have participated in previous investment rounds.
“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,” stated Steven Ji, partner at Sequoia Capital. “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, added: “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.”
“We have recently made a number of strategic leadership appointments across US, Europe and Asia, and find ourselves in a very strong position to grow into different countries and industries, and develop even more innovative solutions for our clients,” revealed Jeffrey Tiong, Founder and CEO of PatSnap. “We will also be opening our second North American office in Toronto to better service our clients on the East coast, and to support the huge amount of innovation that is taking place there.”
While PatSnap has yet to spend the majority of its funding received from its earlier Series C round, it plans to invest further in R&D and continuing to grow its global operations.