Deep Dive: How PatSnap joined the unicorn club
Last month, innovation intelligence startup PatSnap\xa0raised US$300 million from big-name backers like SoftBank Vision Fund II and Tencent Investment, which the Singapore-based firm says brings its valuation over US$1 billion.
But PatSnap\u2019s bid to join the unicorn club wasn\u2019t an easy one. In its early days, potential backers weren\u2019t convinced it could make money, making it hard for the startup to raise funds. To reduce living and hiring expenses, the team moved to China. But even there, they still had to keep costs down, so they switched off the heater to save on electricity and had to huddle together during the cold winter months.\xa0
On this episode of Deep Dive, Tech in Asia\xa0journalist Tay Tian Wen talks about PatSnap\u2019s arduous journey, the milestones it has achieved over the years, and what the future holds for one of Singapore\u2019s newest unicorns.
More information on today\u2019s episode here: https://www.techinasia.com/deep-dive-patsnap-joined-unicorn-club
Featured reporter:
- Tay Tian Wen, a Tech in Asia\xa0journalist based in Singapore
Essential reading:
- How PatSnap grew to become a billion-dollar company
- Tokopedia, PatSnap among 8 fastest-growing firms by revenue in Southeast Asia
- PatSnap raises $300m in a round co-led by SoftBank, Tencent, joins the unicorn club
- They turned off the heater in winter to save money. Now they\u2019re a leader in patent search
- For more stories on PatSnap, click here