London’s Synthace has raised $35 million in a Series C funding round. The life sciences company provides an R&D cloud platform that gives scientists around the globe the ability to automate biology experimentation and insight sharing. The new funding is expected to aid the company’s commercial and go-to-market growth strategies, as well as make key hires in the marketing and sales departments.
According to McKinsey, “the estimated average cost of bringing a drug to market (including drug failures) is now $2.6 billion.” As we’ve all see over the past 19 months, the biopharmaceutical industry is in full swing, developing and deploying COVID vaccines, booster shots, and now, the COVID pill, all in record time. But this record-breaking time comes at a cost, a cost that in some cases, is prohibitive to further development.
Synthace was founded in 2011, but just a few months back released its no-code R&D cloud platform, specifically aimed at speeding up, simplifying, and giving scientists the ability to replicate experiment results, with the ultimate goal of reducing some of these barriers to innovation.
Seven out of 10 of the top global pharmaceutical companies have taken Synthace up on their offer, running increasingly complete experiments and automatically outputting results and insights, thereby upping their competitive edge through accelerated innovation.
But it’s not just pharma where Synthace’s technology find fertile ground. Helping farmers around the globe grow better, more nutritious food, Swiss agrichemical company Syngenta, has put Synthace to work. “I envisaged an automated platform where our molecular biology and protein purification workflows proceeded end to end with sample tracking and barcoding throughout,” says senior protein scientist Tony Keeley. “Working closely with the Synthace team has enabled this to happen.”
“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,” commented Horizons Ventures’ Patrick Zhang. “Strong customer demand plus an innovative product led by a high-quality team are exactly the kinds of investments we get excited about. Synthace is becoming a major market force and no Lab of the Future will be complete without the Synthace R&D Cloud.”