TetraScience, R & D cloud A data management company focused on life sciences and drug discovery today announced that it has raised $ 80 million in a Series B round jointly led by Insight Partners and Alkeon Capital. According to the company, this funding will allow them to step up their time-to-market efforts, expand their technology and double the size of their teams.
The pandemic emphasizes the need to accelerate scientific discoveries towards the provision of treatments that improve human life. This undoubtedly begins with enabling breakthroughs in biopharmacy research and development. Some labs remain dependent on legacy software and data stacks, creating bottlenecks. Less than 12% of all drugs in clinical trials reach pharmacies, and it takes at least 10 years for a drug to complete its discovery-to-market path.
Founded by former Harvard and MIT researchers, TetraScience offers pre-built integration with cloud storage, APIs, and lab equipment, informatics applications, analytics, and data science partners to acquire and coordinate data. .. TetraScience automatically harmonizes information across vendors and formats, allowing users to share data, reports, analytics and apps with their internal teams.
TetraScience provides tools for prototyping, building, testing and scaling distributed data apps. The number of bundled apps available from TetraScience and its network partners continues to grow, and the platform natively supports data science tools, templates, models, pipelines, and custom configurations.
As data and tools become more accessible, some experts predict that life sciences organizations will leverage the technology they need to improve their outcomes. For example, IDC report This year, 50% of pharmaceutical and biotechnology companies predict that they will use analytics or AI and IoT data to optimize their supply chains. The report also predicts that 30% of life sciences organizations will achieve excellent data by 2022.
“COVID-19 is in the cloud to take advantage of advanced data science, AI and machine learning as pharmaceutical companies face significant social, governmental and shareholder pressure to radically accelerate their discoveries. We’re increasing the urgency to replatform, “CEO Patrick Grady told Venture Beat in an email. “Despite little marketing investment, inbound interest in the Tetra R & D data cloud from global pharmaceutical companies has increased dramatically.”
For one customer (Johnson Research Group, Department of Chemistry, MIT), TetraScience deployed products in lab equipment types, such as freezers and chemical drafts. Previously, the lab had no control over nanoparticle synthesis reaction parameters such as temperature monitoring, the ability to turn off the hot plate, and activation of a remote syringe pump. This allows lab scientists to determine if a batch is appropriate based on how much the temperature fluctuates during synthesis, eliminating the need for manual analysis.
TetraScience’s 61-employee funding increased annual revenue (ARR) by 1,000% in 2020, reflecting its addition to the customer base of Novo Nordisk, Merck & Co., SmartLab and others. It follows 10x revenue growth. (ARR is projected to grow by more than 300% in 2021.) According to TetraScience, following the $ 8 million Series A in October 2019, Boston-based companies total more than $ 88 million. ..
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TetraScience Raises $ 80 Million to Help Life Science Companies Analyze Data
https://venturebeat.com/2021/04/15/tetrascience-raises-80m-to-help-life-sciences-companies-analyze-data/ TetraScience Raises $ 80 Million to Help Life Science Companies Analyze Data