Citrine Informatics Raises USD 20 Million in Series B Funding Round

By StartUp City | Tuesday, October 15, 2019

By combining materials-specific data handling and storage, scalable compute for AI, and data processing, along with modular, composable AI units optimized to predict materials behavior, the Citrine Platform dramatically reduces the time and cost of materials and chemicals development.

Fremont, CA: California-based Citrine Informatics raised USD 20 million in a Series B funding round led by Prelude Ventures and Innovation Endeavors with participation from Moore Strategic Ventures, Next47, and other investors. The funding will be used to assist the commercial growth of the Citrine Platform, the company's core product, as well as the expansion in business development and sales efforts in the United States, Europe, and Asia.

“Speed to market and the need to customize products are critical factors driving the materials and chemicals industry today. Customers are pushing the industry for bespoke requirements at a faster pace,” said Greg Mulholland, CEO, Citrine Informatics. “Innovative companies are investing in the Citrine Platform to create an internal AI capability and meet this customer demand. This technology is changing the speed at which companies can develop green, efficient, performant materials and chemicals and shaping how companies organize themselves. We are proud to partner with investors who share our mission to push the industry forward and to continue to enable the next generation of sustainable innovation.”

By combining materials-specific data handling and storage, scalable compute for AI, and data processing, along with modular, composable AI units optimized to predict materials behavior, the Citrine Platform dramatically reduces the time and cost of materials and chemicals development. The platform has helped some of the world's largest organizations, including chemicals and product companies, hit overall R&D milestones in 50-70% percent of the time forecast initially and has enabled totally new materials product lines.

“The materials and chemicals industry is changing rapidly based on the need to produce products faster and more sustainably,” said Mark Cupta, Partner at Prelude Ventures. “Citrine’s platform, a unique combination of domain-specific data management and AI, is a force hastening the revolution already underway.” Founded by a team of seasoned materials scientists, Citrine's technology has been deployed at some of the most significant global chemicals and materials companies, including Panasonic, LANXESS, and BASF.

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