London and Singapore based IP Analytic and Management platform PatSnap has secured a $38 million Series D round which was led by Sequoia Capital and Chinese VC firm Shunwei Capital. The funding round saw participation from Qualgro Venture Capital which is VC firm founded by Xiaomi co-founder and CEO Lei Jun. The total amount raised by the firm so far now stands at $100 million.
Notably, all of the three investors had backed the firm in the past as well when they had infused undisclosed amount in the firm in 2016. The firm announced that it will use the fresh capital in by investing in research and development and expand its global operation.
Jeffrey Tiong had founded the firm in 2007 which provides research and development (R&D) analytics for analyzing tech trends, driving innovation, market planning. It also works in maximizing return on IP assets. PatSnap claims to have more than 8,000 clients across the globe with US and China being their biggest market.
Tiong talking about their plans ahead said that “We have recently made a number of strategic leadership appointments across 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. 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."
Sequoia Capital partner Steven Ji talking about the fresh backing in the firm said that “Since our initial involvement in PatSnap’s Series C round, we have seen the company double its global employee base and onboard 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."
Tuck Lye Koh, founder, and CEO of Shunwei Capital believe in PatSnap's vision and that was one of the main reason it wanted to re-invest in the company. He also sees a massive growth opportunity in the firm.
Image Courtesy : patsnap,fenews