While interning at a medical device start-up as part of the year-long NUS Overseas Colleges programme in Bio Valley, Jeffrey Tiong was tasked to search for technical information on patents. Despite being trained in biomedical engineering, he found the process messy and difficult to understand. This inspired him to set up his own patent search firm.
Upon returning to Singapore, Jeffrey had a vision to simplify the very complex and cumbersome process of searching through patents. When he graduated from the Faculty of Engineering in 2007, Jeffery established his own patent search firm, PatSnap. He was fortunate to secure $55k in iJam funding from the Media Development Authority.
With incubation support from NUS Enterprise, Jeffrey was able to kick start his company. Within five years, he developed the PatSnap global database platform. Over the years PatSnap has compiled a database of patents according to categories determined by its data-mining technology, which was devised in-house. True to its name, PatSnap helps customers search patents in a snap.
PatSnap currently has more than 1500 clients in 35 countries, ranging from large corporations such as Vodafone, China Mobile and Goodyear to government and academic organisations such as NASA, MIT and the UK International Patent Office.
Jeffrey believes in and understands the importance of Intellectual Properties (IP). He hopes companies can harness technology to help innovate and reach the market faster. He added that governments, too, see the need for companies to file more patents, be more innovative and do more R&D to increase their competitiveness and create job opportunities.
To date, the team has over 400 staff worldwide and is growing fast. The worldwide IP market is huge and PatSnap has been leveraging the opportunities to double its revenue each year since 2012. Jeffrey expects this growth to continue in the next two years and is looking to further expand both product line and geographical presence.
NUS Overseas Colleges, Entrepreneurial Education, Entrepreneurship Support
Jeffrey Tiong attended NOC programme in Bio Valley 2005
Graduated from NUS Faculty of Engineering
Incubated with NUS Enterprise 2007
PatSnap IP Business Intelligence tool launched with more than 500 users globally
Subsidiary setup in Suzhou for market expansion in China 2009
Seed round with NUS and Accel-X; TECS POC grant from SPRING 2010
Patsnap Global Patent database launched 2012
First in the market 3D Visual Patent Landscape tool launched 2013
Series A Investment by Temasek’s Vertex Venture of USD $3.6m 2014
PatSnap ‘Insights’ launched, providing business intelligence from IP data
Series B investment by Summit Partners as lead investor of USD $11m 2015
Expanded into new London office for rest-of-world headquarters
Launched OneClick IP, a Chrome extension for competitor patent and trademark analysis
Series C investment led by Sequoia Capital of undisclosed sum 2016