Citrine: Advancing the Material and Chemical Industry
September 5, 2021 | Ashley Brindamour
Artificial intelligence and data management have reshaped many sectors, including healthcare, retail and e-commerce, banking, transportation, real estate, entertainment, gaming, and more. However, the material and chemical industry — having maintained its trial and error R&D technique for almost a century — is one of the few industries yet to adopt this advancement in technology.
Alumni Ventures portfolio company Citrine is creating an information platform for the material and chemical industry to address these outdated procedures. By standardizing data from lab notebooks and leveraging proprietary Artificial Intelligence and Machine Learning, Citrine is speeding up the R&D process for large material and chemical companies.
More Efficient and Sustainable Development
The Citrine platform combines AI tools and data management infrastructure with a modern user interface that accelerates product development, guides R&D strategy, and disseminates scientific knowledge and data across an enterprise. The main elements of the platform include:
- Data Management
- Machine Learning for Materials
- Domain Knowledge Integration
- Sequential Learning
- Data-Driven Strategy
These combined elements result in a platform that helps companies improve the development of new materials, chemicals, and formulations for their customers.
What We Liked About Citrine
Significant Market Opportunity & Revenue Growth: The global market for electronic materials and chemicals is expected to reach $75.1 billion by 2025, giving Citrine a considerable market opportunity for its platform. The company estimates it will grow from $2.5 million ARR to $12 million ARR by 2021, with over half the increase coming from expanding current customers.
Substantial Customer Demand: Citrine has pilots with prominent names in chemicals in the U.S. and Europe. Additionally, some of Citrine’s most notable public customers include Panasonic, Michelin, and Milwaukee Tools.
Well-Matched Lead Investor: Lead investor Prelude Ventures invests in market-moving startups addressing carbon reduction. They invested in Citrine because of the company’s ability to lower carbon impact on the world by inventing better chemicals and materials faster and more efficiently. Prelude is well versed in advanced materials and manufacturing, energy, food and agriculture, transportation and logistics, and advanced computing — making it a strong lead investor for Citrine. Other investors include Innovation Endeavors, Next47 (Siemens), and UMI.
How We Are Involved
Citrine recently raised a Series B extension round led by Prelude Ventures. Nassau Street Ventures (for the Princeton community) and Spike Ventures (for the Stanford community) participated in the round. The deal is also part of Alumni Ventures’ Deep Tech Fund.