Patsnap, a internet protocol (IP) and research and development (R&D) intelligence company headquartered in Singapore, has announced that it has reached a significant milestone of achieving $100 million in annual recurring revenue (ARR), with 20 percent year-over-year growth in 2023.

The firm said in a statement on Tuesday that as it continues to expand its offerings and market reach, the company is actively exploring strategic merger and acquisition (M&A) opportunities to further enhance its capabilities and strengthen its market position.

It said the firm continues to grow by expanding its suite of services.

These offerings now include artificial intelligence (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.

It is noted that 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, said the statement.

Patsnap also said the firm 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.

“The collective efforts of our team and the unwavering support from our customers globally are our north star,” said its Founder and Chief Executive Officer Jeffrey Tiong.

“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,” he added.

It is noted that 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 percent 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,” Tiong added.

Founded in 2007, Patsnap is a firm involved in AI-powered IP and R&D intelligence.

The firm’s 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 use Patsnap to innovate faster with AI.

The firm’s 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.

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