Synthace raises $ 35 million to expand access to its breakthrough R&D technology for life-changing research
LONDON & BOSTON – (COMMERCIAL THREAD) –Synth, the first life science software company to enable scientists to automate biological experimentation and information sharing in a unified global R&D environment, today announced it has raised $ 35 million in funding Series C. The investment will fuel commercial and go-to-market (GTM) growth as Synthace continues to radically reinvent the entire life science R&D value chain. The company also plans to expand its leadership team in the United States, with new VPs of Marketing and Sales joining the US-based CEO.
“Synthace’s cloud R&D platform is helping life scientists completely change the way they develop new treatments and therapies to solve humanity’s most pressing problems,” said Guy Levy-Yurista, Ph .D., CEO of Synthace. “But to maximize impact, we need to expand customer access and reach around the world, at scale. This investment represents a strong vote of confidence from world-class investors in the biopharmaceutical and innovative technology sectors. With their support, we can better deploy human and financial capital to help turn scientific dreams into medicines and alternative food sources.
This investment coincides with a pivotal period in the biopharmaceutical industry, as it is at the forefront of helping the world combat both existing and new diseases and biological challenges. The accelerated development and deployment of COVID vaccines, booster shots and the recently announced COVID pill underscore how critical speed is for drug discovery and development. But the cost of doing so can be huge. According to McKinsey, “the estimated average cost of bringing a drug to market (including drug failures) is now $ 2.6 billion.” The pressures of accelerating innovation and spiraling costs, in addition to the complexity of biology, have increased barriers to development.
Adoption by Synthace Life Sciences R&D Cloud customers
This is exactly why Synthace recently released the first cloud R&D life sciences, a code-free software platform that addresses simplification, speed and reproducibility for scientists, removing barriers to innovation. With Synthace, scientists around the world can now benefit from a leap forward in experimentation capabilities, accelerating development times and performing experiments they never thought possible before.
“I envisioned an automated platform where our molecular biology and protein purification workflows would run end to end with sample tracking and bar coding throughout the process,” noted Tony Keeley. , senior protein scientist at Syngenta (a leading provider of scientific agtech, helping millions of farmers around the world grow healthy and nutritious food). “Working closely with the Synthace team made this happen. ”
Synthace has been a key Wheeler partner in building 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 time for scientists who can now focus on analyzing, interpreting, planning and communicating data directly with customers, ”said Jesse McCool, co-founder and CEO of Wheeler Bio (a breakthrough bioproduction that integrates drug discovery with drug development to accelerate clinical impact.)
Big Pharma relies on Synthace
Seven of the world’s 10 largest pharmaceutical companies have also adopted Synthace’s next-generation R&D cloud platform to fundamentally change their experimentation process, and more are currently under evaluation. With Synthace automated experimentation solutions this growing community of customers leads increasingly complex experiences and automatically generates data and information, increasing their competitiveness and accelerating innovation.
This adoption by customers has created significant business momentum for Synthace. Company highlights include:
Over 225% increase in annual recurring revenue
180% net revenue retention rate obtained from existing customers
Signature of 5 new strategic GTMs partnerships with suppliers of R&D laboratory equipment (Tecan, SPT Labtech, Repligen, Hamilton and BioTek)
“Biopharmaceuticals are in the global spotlight like never before. And with an industry that demands advanced R&D technologies to help it maintain its pace of innovation, Synthace is rising to the challenge by enabling customers to accelerate their R&D practices, ”said Patrick Zhang, investor at Business Horizons. “High customer demand and an innovative product led by a high quality team are exactly the types of investments we are excited about. Synthace is emerging as a major force in the market and no lab of the future will be complete without Synthace R&D Cloud.
About Horizons Ventures
Horizons Ventures, the private investment arm of Mr. Li Ka-shing, is a leading investor in some of the world’s most innovative companies and disruptive technologies, including Meta (formerly Facebook), Spotify, Zoom, Impossible Foods, Perfect Day and Demetrix. For more information visit horizonsventures.com.
About Sofinnova Partners
Founded in 1972, Sofinnova Partners is a leading European venture capital firm in the life sciences, specializing in health and sustainable development. Based in Paris, London and Milan, the firm brings together a global team of professionals with solid scientific, medical and commercial expertise. He has 50 years of experience supporting over 500 companies, building market leaders around the world. The firm actively partners with ambitious entrepreneurs as lead or cornerstone investors to develop transformative innovations that have the potential to positively impact our collective future. Today, Sofinnova Partners manages more than 2 billion euros. For more information, please visit: https://www.sofinnovapartners.com.
Synthace is a life science software company that makes life sciences work the way it should. Providing a life science R&D cloud to scientists who want to innovate faster, the Synthace platform seamlessly automates experimentation and information sharing so scientists can focus on the questions most relevant to their needs. unleash the true potential of biology. The world’s leading pharmaceuticals, high-growth biotech companies, leading CDMOs, and artificial intelligence innovators all look to Synthace to find solutions to humanity’s most difficult problems. To learn more about how Synthace is transforming life sciences for a better future, visit www.synthace.com.