The UK tech sector saw a record investment in the first quarter of the year. A record 465 deals have a combined worth of £4.45 billion. Patsnap scored the second highest deal for female-founded companies, securing £215 million.
Patsnap, a leader in Innovation intelligence, intends to use this funding to continue R&D and accelerate product development. They also want to acquire additional domain expertise in the industry sectors using their technology.
Their intelligence platform is used in R&D and IP development, to help identify and validate innovative opportunities before they are even realized in the market. Their system uses millions of innovation datapoints to connect disparate data into usable information, guiding R&D decisions. Through the use of machine learning, computer vision, natural language processing, and more AI, their system analyzes millions of datapoints to deliver insights to innovators.
It comes as no surprise then, that they continue to receive funding and encouragement to continue their own R&D. The advancement of their technology has massive ripple effects throughout the scientific and technological communities. Over the past year, PatSnap has enabled its customers to significantly accelerate time to insight when dealing with unstructured data by an estimated 12x, leading to an estimated 3x increase in successful product launches. As innovation continues to speed up, having systems in place to help support and guide that innovation will be crucial.