The tool, named  ‘Licensee Locator’, can automatically identify potential acquirers or licensees based on patent or technology description, through automated technology that can process large amounts of data points.

Users can identify and rank a shortlist of potential licensees, review similar patents, view financial and IP information for each company, and gauge companies’ likelihood to license, based on previous deals.

Ray Chohan, senior vice-president of corporate strategy at PatSnap said: “New inventions with the capacity to change the world are being patented constantly, but the likelihood of their inventors achieving this depends on their ability to identify and connect with those who need it most.”

He added that the tool will “provide those looking to commercialise their IP with the data and analytics required to pinpoint those organisations, and explore many more licensing avenues.”