On 7 March 2017, Intellectual Property (IP) intelligence Singapore and London-based start-up PatSnap announced their S$22 million (US$15.6 million) investment in a research and development (R&D) centre in Singapore.
The company handles patent research and strategy for businesses, which uses machine learning and AI to sort through a global index of IP data and correlate it with financial and market trends to produce analysis and advice. Its clients include companies, academic institutions and government agencies across 28 countries. Among PatSnap's investors are Sequoia China, Temasek Holdings, and Vertex Ventures.
The new centre is expected to enhance PatSnap's online platform by researching machine learning techniques and technologies like natural language processing, image recognition, and semantic search. The ability to access this type of intelligence through a single dashboard is something that clients have been demanding more of.
The R&D centre will hire around 15 data scientists and software engineers. Once fully formed, the Singapore team will work closely with and complement a similar facility based in China. PatSnap's CTO, Markus Haense, will relocate to Singapore to oversee the new facility.