BOSTON, Mar. 16, 2021 /PRNewswire/ -- TetraScience, the R&D Data Cloud Company, is pleased to share highlights from a record breaking 2020 fiscal year including 10x revenue growth, an $11M Series A funding round, and the addition of 12 top global pharmaceutical customers for its category-defining R&D Data Cloud.
In 2020, TetraScience increased its annual recurring revenue (ARR) 10x year-over-year, driven by rapid adoption of its industry-defining Tetra R&D Data Cloud within the global pharmaceutical market.
“The world’s R&D labs represent a vital, large, and growing, but underserved market,” said Patrick Grady, CEO of TetraScience. “Our deep scientific and data domain expertise, combined with our position as the world’s first and only open R&D Data Cloud, is enabling us to lead the re-platforming of experimental data to the cloud, positioning TetraScience to dominate in the inevitable AI-enabled drug discovery market.”
“TetraScience estimates these labs currently spend $300 billion annually on R&D investment, but continue to be hampered by siloed experimental data, 20th century software stacks, limited collaboration, and materially sub-optimized discovery. The Tetra R&D Data Cloud represents a fundamental shift in global R&D by treating experimental research and development data as a first-class business and product priority,” said Spin Wang, TetraScience’s President and CTO.
Underscore VC led the company’s $11M Series A round with participation from Impetus Ventures, Grady’s fund.
“The clarity and timing of Patrick and Spin’s vision for accelerating discovery within Life Sciences, coupled with its first-of-a-kind R&D Data Cloud, and the team’s relentless focus on execution, made this an easy choice for us," said Michael Skok, co-founder and partner at Underscore.VC. "We led this financing round because we are confident TetraScience has developed an industry-defining technical platform along with deep data and domain insights which will enable it to become a dominant category leader in one of the world’s most important verticals."
Looking ahead to 2021, the company projects more than 300% ARR growth driven by a rapidly expanding footprint in the Life Sciences R&D space among major pharmaceutical companies and the global ecosystem of network of lab instruments, informatics applications, CRO/CDMOs, analytics and data science partners which comprise the Tetra Partner Network.
“With the addition of each new customer, the Tetra R&D Data Cloud adds to its growing library of productized and maintainable integrations, thus all customers benefit from the collective innovation produced by the industry,” said Grady. “We expect these network effects to contribute considerably to growth in 2021 and beyond.”
TetraScience is the world’s first and only open R&D Data Cloud company, with a mission to transform life sciences R&D, accelerate discovery, and improve and extend human life. The Tetra R&D Data Cloud provides life sciences companies with the flexibility, scalability, and data-centric capabilities to enable easy access to centralized, standardized, and actionable scientific data and is actively deployed across enterprise pharma organizations. As an open platform, TetraScience has built the largest integration and partner network of lab instruments, informatics applications, CRO/CDMOs, analytics and data science partners, creating seamless interoperability and an innovation feedback loop that will drive the future of life sciences R&D.
David Van Everen
VP of Marketing, TetraScience