Citrine Informatics, the US-based developer of an advanced materials development platform, has raised $20m in series B funding from investors including industrial product and appliamce maker Siemens’ Next47 unit.
Low carbon-focused investment platform Prelude Ventures and venture capital firm Innovation Endeavors co-led the round, which also featured investment firm Moore Strategic Ventures and undisclosed additional participants.
Founded in 2013, Citrine has created a platform that utilises artificial intelligence technology with data handling and processing tools to predict how certain materials or chemicals will react under certain conditions, facilitating the creation of new industrial products.
The series B cash will go to enhancing the Citrine Platform and boosting the company’s market presence across the US, Europe and Asia.
Greg Mulholland, Citrine’s CEO, said: “Innovative companies are investing in the Citrine Platform to create an internal AI capability and meet this customer demand. This technology is changing the speed at which companies can develop green, efficient, performant materials and chemicals and shaping how companies organise themselves.
“We are proud to partner with investors who share our mission to push the industry forward and to continue to enable the next generation of sustainable innovation.”
The company has now raised more than $44m in total, according to press releases and a regulatory filing indicating it secured approximately $8.8m from undisclosed investors in 2016.
Citrine added $7.6m in a mid-2017 series A round featuring Prelude Ventures, Innovation Endeavors, Data Collective, AME Cloud Ventures and XSeed Capital, before internet group Tencent and B&C Holding supplied $8m in April 2018 in the form of a convertible note.
