REDWOOD CITY, Calif.--(BUSINESS WIRE)--Citrine Informatics, a leading Materials Informatics software platform provider, announced a record number of new customers, breakthrough IP, and strong team growth in the fourth quarter of 2020.
2020 was a record financial year for Citrine despite the Covid-19 pandemic, with particular acceleration in the second half. In Q4, Citrine doubled its quarterly record for new customers–after achieving its previous record in Q3–while expanding its user base by more than 25x year-over-year.
Citrine grew its team by 19% in Q4, including key hires in the data science, software engineering, and customer-facing teams. “We have taken a great deal of pride in creating a supportive, positive, and technically exciting company for every employee that joins us,” said Greg Mulholland, Citrine’s CEO. “As our customer base, market traction, and impact on sustainability have continued to expand, so has our world-class team. We’ve been able to attract top talent to build out the capabilities and infrastructure of the Citrine Platform.”
Citrine’s record performance is driven by customer adoption in North America, Europe and Japan. “2020 was a challenging year for our industry and the global economy. In spite of those challenges, we have had the privilege of working closely with materials and chemicals companies who view accelerated innovation as indispensable to both near-term and long-term performance,” said Mike Smocer, Citrine’s VP of Global Sales.
Breakthrough Platform Technology
Citrine secured one full patent and has an additional patent pending in Q4. The full patent allows customers to predict and visualize the probability of new materials hitting their defined performance targets. This allows decision-makers to assess the impact of new ingredients and derisk new experiments and investments in their R&D capabilities. In addition to unlocking revenue, cost-saving, and innovation opportunities, this capability has promising applications in sustainability, where customers can evaluate the impact of biodegradable and sustainably-sourced materials.
The pending patent allows customers to predict the performance of formulations with entirely new ingredients, even if there is no historical data available for that ingredient. This enables product designers, materials developers, and application engineers to rapidly evaluate the effect of new ingredients on product performance.
Citrine Informatics is the award-winning materials informatics platform for data-driven materials and chemicals development. It won the 2017 World Materials Forum Start-up Challenge, the 2018 AI Breakthrough award as the "Best AI-based Solution for Manufacturing," and 2020-2021 Cleantech 100 honors. The Citrine Platform combines smart materials data infrastructure and AI, which accelerates development of cutting-edge materials, facilitates product portfolio optimization, and codifies research IP, enabling its reuse and preventing its loss. Citrine's customers include Panasonic, Michelin, BASF, LANXESS, and some of the biggest and most respected names in the materials and chemicals industry in Asia, North America, and Europe.