SINGAPORE, March 7, 2017 /PRNewswire/ --
PatSnap, a Singapore-based software company that is able to provide a single point of analysis for Research and Development (R&D) and Intellectual Property (IP) teams, announced that it will be investing S$22 million in a research and development (R&D) centre in Singapore.
Supported by the Singapore Economic Development Board (EDB), the R&D centre will lead the development of its innovation intelligence platform that will allow PatSnap to further develop the ability to catalogue and analyse millions of data records from diverse sources in ever more intuitive ways.
Using AI and natural language processing the platform will facilitate the interaction between different stakeholders of the R&D process and enable innovation to take place more efficiently.
To develop a robust platform, the R&D Centre aims to extend its already extensive deep learning algorithms to accelerate data retrieval and processing speeds, and create statistical models for IP valuation. This will mean undertaking applied research on natural language processing, machine learning, and data analytics that can be integrated into the platform.
Bolstering PatSnap's commitment to innovation in Singapore, its global CTO will be relocated to Singapore and tasked with developing the global roadmap for PatSnap's R&D marketplace platform.
PatSnap CEO Jeffrey Tiong said "This is a great step in PatSnap's mission to demystify one of the most necessary, but hindering, parts of the innovation process.
"Our aim is to make it as easy as possible for innovators to innovate. Our new R&D centre will ensure that we can do even more to offer clarity of opportunity, streamline the development process and provide valuable, actionable insights."
Assistant Managing Director at EDB, Kiren Kumar said, "We are pleased to support home-grown PatSnap's efforts to deepen its R&D presence in its Global Headquarters in Singapore. With access to Singapore's talent eco-system and dense network of industry partners, we believe that PatSnap's R&D centre will be able to transform the way intellectual property is administered globally and at the same time, strengthen the city's position as an innovation-led economy."