Life science software company Synthace has raised $ 35 million ($ 30.6 million).
The research and development-focused no-code software platform enables scientists to share, view, and access advances in remedies and therapeutics in one place, making it easier and faster to learn from and reproduce experimental successes and innovate quickly to develop.
The financing will support commercial growth and go-to-market, as well as expanding Synthace’s US-based senior leadership team and bringing new Vice Presidents of Marketing and Sales on board to join the CEO.
WHY IT IS IMPORTANT
The accelerated development and adoption of the COVID-19 vaccines, booster vaccines, and the recent COVID-19 pill have shown how critical speed is for drug discovery and development, but it is an expensive process. McKinsey estimates that the average cost to get a drug to market (including drug failure) is now $ 2.6 billion.
Synthace’s R&D cloud platform aims to remove these cost barriers to innovation by creating efficient development schedules and helping scientists share their knowledge with the biopharmaceutical community and learn from successful research.
Since launching its platform, Synthace has seen 85% customer loyalty. Seven of the world’s ten leading pharmaceutical companies have taken over the platform from Synthace, and other companies are in the evaluation phase.
For Synthace, this has helped increase annual recurring sales by 225% and forge five new strategic partnerships with suppliers of R&D laboratory equipment.
ON THE RECORD
“Synthace’s R&D cloud platform is helping life scientists completely change the way they create new cures and therapeutics to solve mankind’s most pressing problems,” said Guy Levy-Yurista, CEO of Synthace. “But to maximize impact, we need to expand access and reach to customers around the world – on a large scale. This investment is a strong vote of confidence from world-class investors in the biopharmaceutical and innovative technology industries. With their support, we can better use human and financial capital to turn scientific dreams into medicines and alternative sources of food. “
Jesse McCool, co-founder and CEO of Wheeler Bio (a bio-manufacturing company that integrates drug discovery with drug development to achieve clinical impact) has partnered with Synthace as a key partner in building a digital research and development laboratory environment. “Your automation engineers worked side by side with our process scientists to automate multiple end-to-end workflows, giving scientists more lead time who can now focus on data analysis, interpretation, planning and communicating directly with customers.”
Patrick Zhang of Synthace investor Horizons Ventures said: “Biopharmaceuticals are in the global spotlight like never before. And as an industry demands advanced R&D technologies to keep innovation cutting edge, Synthace is meeting that challenge by enabling its customers to accelerate their R&D practices. ”