Life sciences software company Synthace has raised $35 million (€30.6M) in Series C funding to expand the reach of its research and development (R&D) cloud platform, where scientists can record and share their research and insights.

The R&D-focused, no-code software platform enables scientists to share, view and access progress with cures and therapeutics in one place, making it simpler and quicker to learn from and reproduce experimental successes and develop innovations at speed.

The funding will support commercial and ‘go-to-market’ growth as well as expanding Synthace’s US-based senior leadership team, bringing new vice presidents of marketing and sales on board to join the CEO.

WHY IT MATTERS

The accelerated development and roll-out of the COVID-19 vaccines, booster shots and recent COVID-19 pill have highlighted how critical speed is to drug discovery and development, but it’s an expensive process. McKinsey estimates that the average cost of bringing a drug to market (including drug failures) is now $2.6 billion.

Synthace’s R&D cloud platform aims to break down these cost barriers to innovation by creating efficient development timelines, supporting scientists to share what they know with the biopharmaceutical community and learn from successful research.

Since the launch of its platform, Synthace has seen an 180% retention of customers. Seven of the top ten global pharmaceutical companies have adopted Synthace’s platform, with further companies in the evaluation phase.

For Synthace, this has helped drive a 225% increase in annual recurring revenue, and five new strategic partnerships with R&D lab equipment suppliers.

ON THE RECORD

“Synthace’s R&D cloud platform is helping life scientists completely change the way they develop new cures and therapeutics to solve humanity’s most pressing problems,” said Guy Levy-Yurista, CEO of Synthace. “But to maximize impact, we need to expand access and reach to customers across the globe – at scale. This investment serves as a strong vote of confidence from world-class investors in the biopharmaceutical and innovation technology industries. With their support, we’ll be able to better deploy human and financial capital to help transform scientific dreams into drugs and alternative food sources.”

Jesse McCool, co-founder and CEO at Wheeler Bio (a biomanufacturing company that integrates drug discovery with drug development to deliver clinical impact), has worked with Synthace as a key partner in the establishment of a digital R&D lab environment. “Their automation engineers worked side-by-side with our process scientists to automate multiple end-to-end workflows creating more walkaway time for scientists who can now focus on data analysis, interpretation, planning and communication directly with customers.” 

Patrick Zhang at Synthace investor Horizons Ventures, said “Biopharmaceuticals are in the global spotlight like never before. And with an industry calling out for advanced R&D technologies to help keep it innovating at pace, Synthace is meeting the challenge by enabling customers to accelerate their R&D practices.”