Patsnap Surpasses US$100 Million in Annual Recurring Revenue

Jeffrey Tiong

Co-founder and CEO, Patsnap

June 12, 2024

I’m thrilled to announce that Patsnap has reached a significant milestone of achieving $100M in Annual Recurring Revenue (ARR), marking an impressive 20% year-over-year growth in 2023. This milestone highlights the massive and meaningful value our platform brings to over 12,000 IP and R&D teams across 50 countries, driving efficiency, productivity, and collaboration. 

Since our founding in 2007, Patsnap has been hard at work on our mission to transform how the world innovates. We empower companies of all sizes to harness IP data and advanced AI tools to propel their R&D efforts and strategic decision-making. 

In recent years, we’ve expanded our suite of services to address more use cases across the R&D value chain. Our offerings now include AI tools for patent drafting, claims charting, and freedom-to-operate searches, as well as solutions designed to accelerate discovery and enhance collaboration in the life sciences and materials sciences sectors. This comprehensive approach has been a cornerstone of our growth and market expansion. 

Central to our success is our unwavering focus on AI. Our in-house development of large language models (LLMs) trained on high-quality innovation data has enabled us to deliver groundbreaking tools that are revolutionizing how organizations approach innovation. One of our latest advancements, Patsnap Eureka, integrates powerful AI with widely used innovation methodologies to streamline the idea generation process. 

Our tools empower our customers to make more informed decisions, accelerate their innovation cycles, and gain a competitive edge. For example, our products tailored to drug-discovery and material discovery have achieved an annual compound growth rate exceeding 50% over the past three years, now serving over 200,000 users. 

Our vision is that one day, every R&D professional will use our tools to innovate faster and better. 

I am deeply grateful for the collective efforts of our team and the unwavering support from our customers globally. Our investment in AI remains a top priority, and we are laser-focused on advancing our robust suite of AI products to champion innovators across all scientific domains and verticals. 

While we are proud of the progress we’ve made, this is truly just the beginning. There is much more to come, and I look forward to sharing our future successes with you all.  

Thank you for being a part of our journey. Stay tuned!