NEW YORK, June 11, 2024 /PRNewswire/ -- Patsnap, a pioneering IP and R&D intelligence company headquartered in Singapore, is proud to announce that it has reached a significant milestone of achieving US$100 million in Annual Recurring Revenue (ARR), with 20% year-over-year growth in 2023.
Today, over 12,000 IP and R&D teams across 50 countries use Patsnap's AI-powered platform to improve efficiency, productivity, and collaboration.
As a leader in the global IP and R&D intelligence market, Patsnap continues to grow by expanding its suite of services. These offerings now include AI tools for patent drafting, claims charting, and freedom to operate searches. Additionally, it also provides solutions designed to accelerate discovery and enhance collaboration in the life sciences and materials sciences sectors.
The company's strong focus on AI has been a key driver of its growth, coupled with its expanded offerings covering more use cases along the R&D value chain, which drive even greater market expansion. R&D as a functional unit within an enterprise has immense potential for applying AI, particularly in the discovery phase, which involves extensive data analysis to recognize patterns and identify novel solutions.
Patsnap is at the forefront of its industry with its development of a large language model (LLM) trained on high quality innovation data. This AI technology, particularly the new Patsnap Eureka, enables users to streamline the idea generation process by integrating powerful AI with widely used innovation methodologies.
Founder and CEO, Jeffrey Tiong, said: "The collective efforts of our team and the unwavering support from our customers globally are our north star. Our investment in AI remains a top priority, and we are laser-focused on innovating our robust suite of AI products to champion innovators. Among all scientific domains and verticals, we are particularly excited about the potential value creation in life sciences and materials sciences."
Patsnap has been consistently investing in products tailored for users in drug discovery and material discovery, gaining impressive momentum. Its life sciences products have achieved an annual compound growth rate exceeding 50% over the past three years and now serve over 200,000 users.
"Our vision is that one day, every R&D professional can use our tool to help them innovate faster and better," he added.
As Patsnap continues to expand its offerings and market reach, the company is actively exploring strategic M&A opportunities to further enhance its capabilities and strengthen its market position.
About Patsnap
Founded in 2007, Patsnap is the leader in AI-powered IP and R&D intelligence. Our user-friendly platform revolutionizes how IP and R&D teams collaborate across the entire innovation lifecycle — from validating ideas to analyzing the competitive landscape and beyond. More than 12,000 global companies across diverse industries trust Patsnap to innovate faster with AI. Our customers include some of the world's most innovative organizations such as NASA, Tesla, Disney, Adobe, Siemens AG, The Dow Chemical Company, Midea, Wilson Sonsini Goodrich & Rosati, and the National University of Singapore. Discover more: www.patsnap.com.
