PatSnap looking to establish Dublin operation in the next 12 months
Software company has developed IP platform used by 8,000 organisations globally
PatSnap founder and chief executive Jeffrey Tiong: ‘We’ve had talks with State agencies in Ireland and are looking at opening an office in Dublin in the next 12 months.’
PatSnap, a fast-growing technology company that has raised over $100 million (€89 million) in funding, is looking at establishing an operation in Dublin within the next 12 months.
Founded in 2007 and with headquarters in London and Singapore, PatSnap has developed a patents database that is used by 8,000 organisations in more than 40 countries. Customers include Nasa, Ford, Pfizer, IBM, Vodafone, Pepsi and China Mobile.
Its platform effectively distils information around intellectual property such as patents, scientific journals and litigation data, into easily accessible formats, insights and reports.
PatSnap, which employs more than 800 people globally, last month opened its North American headquarters in Toronto. Founder and chief executive Jeffrey Tiong, a finalist in this year’s EY World Entrepreneur of the Year awards, said a Dublin operation is next on the company’s agenda, with PatSnap having been in contact with IDA Ireland about a move here.
“We’ve had talks with State agencies in Ireland and are looking at opening an office in Dublin in the next 12 months,” Mr Tiong told The Irish Times at the World Entrepreneur awards in Monaco.
“I was in Dublin last year to check out the city and found it to have friendly people and great talent. It is by far and away our favourite place to set up in Europe and I’m really looking forward to it happening,” he said.
PatSnap was named as the 25th fastest growing technology company in the UK in 2018 by the Sunday Times Hiscox Tech Track 100.
The company, which last year raised $38 million (€34 million) Series D funding round led by existing investors Sequoia and Shunwei Capital, an investment firm founded by Xiaomi co-founder and chief executive Lei Jun, has long been rumoured to be eyeing a listing on the Nasdaq.
Mr Tiong confirmed the company is considering an initial public offering (IPO) at some point but that it is not in its immediate plans.
“The goal is to become a billion dollar company in the next few years and I don’t see why we shouldn’t achieve that target. The market we are in is huge with more than $2 trillion spent on R&D investment globally every year.” he said. “But in the past three decades, global R&D efficiency has decreased by about 65 per cent so what we offer helps address that.
“Current trade tensions only help our business, as intellectual property is one of the main weapons being used in the war and so people have more awareness of the importance of IP than they did, say, 10 years ago,” Mr Tiong added.