REDWOOD CITY, Calif.--(BUSINESS WIRE)--Citrine Informatics, the leading provider of artificial intelligence software for materials, chemicals, and manufactured product development, announced the successful close of a $16 million Series C funding round. The round was led by Prelude Ventures and Innovation Endeavors, with participation from Drive Catalyst (Far Eastern Group), Alumni Ventures, ISAI Cap Venture, Presidio Ventures, and others.
This latest round of funding will be used to further accelerate the growth and development of Citrine's AI-driven materials and chemical design platform, which is already in use by leading companies across materials, chemicals, formulated products, and manufacturing industries to improve the efficiency and effectiveness of their product development processes.
"We are thrilled to have the support of such a strong group of investors as we continue to revolutionize the way materials and chemicals are designed and discovered," said Greg Mulholland, Citrine Informatics CEO. "This funding will allow us to invest in new technology, expand our geographic footprint, and continue to serve our growing list of customers around the globe."
The Citrine Platform uses materials-specific data infrastructure and machine learning workflows to rapidly design, modify, and optimize products for specific applications. This domain-specific approach works well on small, sparse datasets common in product development, and Citrine’s customers span a range of industries including specialty chemicals, CASE (coatings, adhesives, sealants, and elastomers), batteries & energy, CPG, food & beverage, metals & alloys, and aerospace. The company has seen rapid adoption of its software platform since its launch in 2015.
"We are excited to partner with Citrine as they continue to advance the state of the art in materials and chemical design," said Mark Cupta, Managing Director at Prelude Ventures. "Their software platform fundamentally changes the way products are developed. This not only adds significant value to their customers, but has enormous potential for ushering in a more sustainable future for the materials, chemicals, and manufacturing industries.”
About Citrine Informatics
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 LyondellBasell, Eastman, Ubiquitous Energy, LANXESS, and some of the biggest and most respected names in the materials and chemicals industry in Asia, North America, and Europe. For more information visit our website at https://citrine.io.