PatSnap, which began its life in 2007 as a global patent search database, now offers a “connected intelligence platform” which leverages AI and big data analytics to allow enterprises to gain insights into markets, IPs, and competitor performance, all with the end goal of optimising their own R&D strategies.
Global spending on R&D is in the trillions, but PatSnap claims that its productivity is lower than it was forty years ago. This goes some way in explaining how the company’s popularity has skyrocketed in recent years, securing hundreds of millions in funding and opening up bases across Asia as well as in the US and the UK.
This expansion into the West has proven to be highly profitable, and the company continues to thrive by broadening its range of services. The company's investment in its own R&D has resulted in a number of new collaborative projects, as well as the launch of its AI-powered GPT product, PatsnapGPT, that has been developed to "revolutionize IP and R&D innovation services".
Steph
Company Specialist at Welcome to the Jungle