REDWOOD CITY, Calif.--(BUSINESS WIRE)--Citrine Informatics, the provider of the leading AI and smart data management software platform for materials and chemicals, reports accelerated adoption of the Citrine Platform and announces $4.7M in new research funding in Q1 2022.
Continued ARR Growth
After a record-setting sales year in 2021, Citrine Informatics continued its momentum into 2022 with 52% sequential quarter growth in annual recurring revenue (ARR). This growth was driven by a 120% increase in ARR transactions over Citrine’s prior record set in Q4 2021 as well as record bookings.
“Our continued rapid growth across market verticals is a clear indicator of the increased adoption of data-driven methods across the board in the materials, chemicals, and discrete product manufacturers,” said Mike Smocer, VP of Global Sales and Marketing at Citrine Informatics. “In addition, our strong renewals and trend toward multi-year contracts with industry leaders such as LyondellBasell make it clear that the Citrine Platform is both easy to use for scientists in the lab and is generating significant value at the business level.”
Record Quarter for Funded Research
Citrine also had a record quarter in new grant-based funding, winning $4.7M in total contract value across several research grants. The awards spanned application areas from the development of a polymer informatics data platform to the application of state-of-the-art artificial intelligence and physics-based-simulation techniques to rapidly develop next-generation nuclear energy waste storage materials.
“Since our founding, we’ve been at the forefront of research at the intersection of materials science and machine learning,” said Bryce Meredig, co-founder and Chief Science Officer at Citrine Informatics. “We’re excited to embark on these new projects with some of the best academic research groups and government research labs in the world, and we look forward to continuing to push the field of materials informatics forward.”
Hands-on Intro to MI Workshops
In March 2022, Citrine launched hands-on Intro to Materials Informatics workshops. Enabled by the no-code AI workflows on the Citrine Platform, scientists and business leaders from global materials and chemicals companies joined the workshops to learn the basics of Materials Informatics and complete an end-to-end AI-driven product development workflow without writing a single line of code.
“We have long believed that we will make the biggest impact on the materials and chemicals industry if we can democratize the use of AI to accelerate the development of high-performing, sustainable products,” said Greg Mulholland, CEO of Citrine Informatics. “The success our customers are seeing with the Citrine Platform and the early feedback from our hands-on workshops have been stellar. The workshops are proving to be an excellent way for people to experience the future of materials and chemicals development in real life.”
About Citrine
Citrine Informatics is the award-winning materials informatics software platform for data-driven materials and chemicals development. It won the 2017 World Materials Forum Start-up Challenge, 2020-2021 Cleantech 100 honors, and was named to the 2020 CB Insights AI 100 list. 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 some of the biggest and most respected names in the materials, chemicals, and product manufacturing industries in Asia, North America, and Europe. For more information visit our website at https://citrine.io or contact us at +1 650-276-7318.
