- Patsnap invests $7 million to develop its own AI assistant, Hiro, to streamline IP workflows.
- Homegrown LLM gives Patsnap an edge over competitors.
- Investment raises sustainability concerns, but Patsnap hopes Hiro will boost customer experience.
Hacking the patent game with AI
In a move that could redefine the future of intellectual property research, Singapore-based unicorn Patsnap has invested a staggering seven-figure sum to develop its own large language model (LLM).
The company’s new AI assistant, Hiro, is designed to streamline the IP and R&D workflows of its customers by providing lightning-fast access to its extensive database of patents, academic papers, and proprietary data.
Patsnap’s homegrown LLM
Patsnap’s decision to build its own LLM, rather than opt for partnerships like its closest competitor Clarivate, is a bold one.
The company’s co-founder, Guan Dian, cites the limitations of existing models like ChatGPT and Claude, which may provide “correct but useless” answers to the highly technical queries of Patsnap’s IP experts.
Moreover, Guan argues that Patsnap’s real-time data updates give Hiro a distinct advantage over the knowledge cut-off dates that plague other LLMs.
The investment, however, is not without its risks. Patsnap is currently not charging extra for Hiro, raising questions about the sustainability of this initiative.
Yet, the company remains confident that the technology will enhance the user experience, significantly reducing the time it takes to generate crucial business documents like invention disclosure records.
As the race for patent registration heats up, Patsnap hopes that Hiro’s speed and accuracy will give its customers a competitive edge.
To read the original article: https://www.techinasia.com/patsnap-invested-7digits-develop-llm-pay
