Citrine Secures $16 Million Series C

<p><strong>REDWOOD CITY<&sol;strong> &&num;8212&semi; Citrine Informatics&comma; a provider of artificial intelligence software for materials&comma; chemicals&comma; and manufactured product development&comma; has closed a &dollar;16 million Series C funding round&period; The round was led by Prelude Ventures and Innovation Endeavors&comma; with participation from Drive Catalyst &lpar;Far Eastern Group&rpar;&comma; Alumni Ventures&comma; ISAI Cap Venture&comma; Presidio Ventures&comma; and others&period;<&sol;p>&NewLine;<p>This new round of funding will be used to accelerate the growth and development of Citrine&&num;8217&semi;s AI-driven materials and chemical design platform&comma; which is already in use by leading companies across materials&comma; chemicals&comma; formulated products&comma; and manufacturing industries to improve the efficiency and effectiveness of their product development processes&period;<&sol;p>&NewLine;<p>&&num;8220&semi;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&comma;&&num;8221&semi; said Greg Mulholland&comma; Citrine Informatics CEO&period; &&num;8220&semi;This funding will allow us to invest in new technology&comma; expand our geographic footprint&comma; and continue to serve our growing list of customers around the globe&period;&&num;8221&semi;<&sol;p>&NewLine;<p>The Citrine Platform uses materials-specific data infrastructure and machine learning workflows to rapidly design&comma; modify&comma; and optimize products for specific applications&period; This domain-specific approach works well on small&comma; sparse datasets common in product development&comma; and Citrine’s customers span a range of industries including specialty chemicals&comma; CASE &lpar;coatings&comma; adhesives&comma; sealants&comma; and elastomers&rpar;&comma; batteries &amp&semi; energy&comma; CPG&comma; food &amp&semi; beverage&comma; metals &amp&semi; alloys&comma; and aerospace&period; The company has seen rapid adoption of its software platform since its launch in 2015&period;<&sol;p>&NewLine;<p>&&num;8220&semi;We are excited to partner with Citrine as they continue to advance the state of the art in materials and chemical design&comma;&&num;8221&semi; said Mark Cupta&comma; Managing Director at Prelude Ventures&period; &&num;8220&semi;Their software platform fundamentally changes the way products are developed&period; This not only adds significant value to their customers&comma; but has enormous potential for ushering in a more sustainable future for the materials&comma; chemicals&comma; and manufacturing industries&period;”<&sol;p>&NewLine;