Citrine Informatics, a Redwood City, CA-based company that provides artificial intelligence software for materials, chemicals, and manufactured product development, announced that it closed $16 million in Series C funding.
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.
The latest 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. The company has seen rapid adoption of its software platform since its launch in 2015.
Company: Citrine Informatics Inc
Raised: $16.0M
Round: Series C
Funding Month: January 2023
Lead Investors: Prelude Ventures and Innovation Endeavors
Additional Investors: Drive Catalyst (Far Eastern Group), Alumni Ventures, ISAI Cap Venture, and Presidio Ventures
Company Website: https://citrine.io/
Software Category: Chemical Process Simulation Software
About the Company: Founded in 2013, Citrine Informatics is a materials informatics platform for data-driven materials and chemicals development. The Citrine Platform combines smart materials data infrastructure and AI, which accelerates the development of cutting-edge materials, facilitates product portfolio optimization, and codifies research IP, enabling its reuse and preventing its loss. The company works on projects across material types, formulations, specialty, and commodity chemicals; partnering with commercial, government, and academic organizations. 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. Its mission is to enable a greener, more efficient world by accelerating the development and deployment of next-generation materials and chemicals. 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.
Source: https://www.businesswire.com/news/home/20230104005839/en/Citrine-Informatics-Raises-16M-in-Series-C-Financing