AI-driven Patsnap Achieves $100M ARR

Patsnap has hit a big milestone. In 2023, the company surpassed $100 million in Annual Recurring Revenue, growing 20% from last year.

Founded in 2007, Patsnap set out to shake up the world of innovation using IP data and cutting-edge AI tools. This focus on AI is a major reason for their success.

They’ve developed large language models (LLMs) that are trained on high-quality data to assist in research and development.

Patsnap offers a robust suite of AI-driven tools. These include aids for patent drafting, analyzing patent claims, and ensuring freedom to operate legally.

Their latest innovation, Patsnap Eureka, fuses AI with methodologies designed to make idea generation more efficient.

The company serves over 12,000 IP and R&D teams in 50 countries, boosting productivity and collaboration.

They've particularly excelled in drug and material discovery tools, which have seen an average growth rate of over 50% annually for the past three years, reaching over 200,000 users.

Looking ahead, Patsnap aims to keep enhancing its AI tools to become essential for R&D professionals worldwide. Their vision is to aid scientific innovators everywhere.

Jeffrey Tiong gives credit to his team and the customers who support their drive for continuous AI advancement.

Patsnap's focus on AI has clearly fueled its impressive growth and market reach.