Life sciences startup company Synthace announced that it secured $35 million in a Series C business funding round co-led by Horizons Ventures and Sofinnova Partners.
A Pivotal Period for Biopharma Companies
Synthace intends to use the raised business funding to support its commercial and go-to-market growth. Ultimately, the raised business funding will help the startup company to reimagine the full value chain of life sciences research and development (R&D).
In addition, Synthace will invest a portion of the secured business funding in expanding its leadership team in the US by appointing a new Vice President (VP) of Marketing and Sales.
“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, Ph.D., 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 biopharma 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,” Levy-Yurista added.
The Series C funding comes amid a pivotal period for biopharma companies as the industry is now playing a critical role in the global fight against existing and new illnesses. The launch of COVID-19 vaccines, booster shots, and newly-announced COVID-19 pills occurred in a record period. For biopharma industry experts, this indicates the importance of speed in the drug discovery process and their further development.
However, this kind of accelerated rollout comes along with massive expenses. According to McKinsey, the estimated average cost of bringing a drug to market now stands at $2.6 billion.
For this reason, Synthace rolled out the first life sciences R&D cloud — a no-code software platform that improves simplification, speed, and reproducibility for scientists. This approach allows scientists to take advantage of experimentation capabilities and significantly shorten the drug development process. Ultimately, scientists are able to carry out experiments that were previously impossible.
For Tony Keeley, a senior protein scientist at the leading agtech company Syngenta, the business partnership with Synthance enabled “molecular biology and protein purification workflows [to] proceed end to end with sample tracking and barcoding throughout.”
Synthace’s innovative R&D cloud platform is today used by the top 10 biopharma companies in the world, allowing them to completely change their experimentation process. The startup company’s unique solution allows its customers to conduct more complex experiments and automatically produce data and insight.
The sharp rise in customer adoption has helped Synthace record a robust business momentum, resulting in a 225% surge in annual recurring revenue (ARR). Similarly, the net revenue retention rate from existing clients increased by 180%.
Moreover, the life sciences startup company struck five new strategic partnerships with R&D lab equipment suppliers, including Tecan, SPT Labtech, Repligen, Hamilton, and BioTek.
Synthace, a life sciences startup company, announced that it raised $35 million in a Series C business funding round co-led by Horizons Ventures and Sofinnova Partners.