BOSTON, April 15, 2021 /PRNewswire/ — TetraScience, the world's only cloud-native and open R&D Data Cloud for scientific discovery, announced today that it has closed its $80 million Series B to capitalize on the unprecedented demand for its category-defining industry data cloud. Co-led by new investors Insight Partners and Alkeon Capital, the company will use the funds to aggressively ramp its go-to-market capabilities, expand its industry leading technical capabilities, and grow its team of scientific experts. The round comes on the heels of the company's 10x revenue growth in 2020.
"Experimental data is the world's most important data asset and it's essential that we unlock its potential across biopharma, energy, chemicals, materials, and agriculture to deliver more effective, safer, and less expensive solutions to humanity's greatest challenges," stated Patrick Grady, TetraScience CEO and Chairman. "TetraScience is committed to rapidly evolving global R&D from a project-based IT model to a product- and network-based paradigm which will transform discovery as we know it, offering unprecedented benefits to our customers and humanity," continued Grady.
"We're witnessing the rise of a $300B industry data cloud." – Deven Parekh, Managing Director at Insight Partners.
"Recent global events underscore the acute need to accelerate scientific discovery to deliver safe and effective therapeutics that improve and extend human life, and this starts with enabling breakthroughs in BioPharma R&D," said Deven Parekh, Managing Director at Insight Partners and TetraScience's latest board member. "Despite their mission critical value to human society, these labs remain dependent upon 20th century software and data stacks resulting in experimental data silos and suboptimized discovery. TetraScience's cloud-native and open platform allows it to uniquely assemble and engineer the world's largest experimental data sets, giving it unparalleled advantages in enabling new data science applications and AI-based capabilities, which we envision as the core building blocks for future R&D discovery. We are excited to roll up our sleeves and work alongside Patrick and the team as we build and lead this transformational category," added Parekh.
"TetraScience is pioneering a $300B greenfield data market and operating without a direct cloud-native and open platform competitor. Our best-in-class growth and capital efficiency, coupled with this $80 million round of growth capital from renowned and relevant investors, positions us to achieve our mission of accelerating discovery and improving and extending human life. We couldn't ask for better partners than Insight and Alkeon given their depth of cloud, biopharma, and AI experience, and I'm honored to have them co-lead this round," said Grady. "With Alkeon having led Benchling's 2020 growth round, and Insight recently supporting portfolio company Insightful Science's acquisition of Dotmatics, backers of the world's leading electronic lab notebook (ELN) companies are strongly endorsing the market need for an open R&D data platform and TetraScience's position as the category leader," added Grady.
"Much as industry application cloud leaders combined technology, data, and services to deliver solutions that horizontal vendors couldn't, so will industry data cloud startups, and that's what TetraScience has done. We view TetraScience in relation to Snowflake, much as Veeva was to Salesforce – the deeply focused vertical leader against the backdrop of a dominant horizontal gorilla – and believe that TetraScience will become the world's most consequential and valuable industry data cloud company. We're thrilled to partner with Patrick and his team and be part of the company's journey," commented Abhi Arun, Managing Partner, Alkeon Capital.
"To meet the unique demands of the world's most important research labs, TetraScience has developed three unique and integrated capabilities – the Tetra Data Platform, Tetra Partner Network, and Tetra Solutions Team composed of scientists, data scientists, and cloud experts – to deliver the world's first and only open R&D industry data cloud capable of ingesting and engineering data from any lab source," commented Siping "Spin" Wang, TetraScience President and CTO. "This full stack approach and unique business model offers benefits which are orders-of-magnitude superior to the current do-it-yourself approach taken today, or what any horizontal data integration company can offer," added Wang.
Tetra Data Platform
- Accelerates innovation with the R&D industry's only open data platform for experimental data
- Automates the full lifecycle of R&D data: acquisition, harmonization, engineering, and AI/ML enrichment
- Unifies R&D data and eliminate silos to speed collaboration and scientific insights
- Employs state-of-the-art data exploration and data science capabilities
- Leverages cloud-native infrastructure for unprecedented elasticity, scalability, and flexibility with enterprise-grade security and compliance
Tetra Partner Network
- The largest industry ecosystem of pharmaceutical and biotech companies, lab instruments, informatics software, ELN/LIMS, and CRO/CDMOs
- The largest number of pre-built integrations, frameworks, data models, data applications, and features purpose-built for and pressure-tested by leading life sciences companies
- Platform-enabled network capabilities to move the industry from an integration paradigm to one of productization, commercialization, monetization, and joint product innovation
Tetra Solutions Team
- Combines a deep understanding of life sciences R&D with cloud-native mindsets and data science expertise
- Leverages deep domain knowledge of all R&D endpoints and data schemas to deliver solutions tailored to specific R&D workflows and unique business needs
- Synthesizes best-practices learned from leading pharmaceutical and biotech organizations to spearhead scientific discovery with a wide array of purpose-built tools, data models, and pipelines
"Patrick and Spin have combined their expansive vision with technical leadership, deep domain knowledge, and operational excellence, to build an industry data cloud company that has all of the markers of an emerging category king. Our calls with customers, partners, and industry leaders validated that TetraScience is poised to become a de facto standard in cloud-native, AI-enabled, scientific discovery within BioPharma and beyond, and we are excited to be their partner," said Nikhil Sachdev, Managing Director at Insight Partners.
TetraScience is the 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, harmonized, and actionable scientific data and is actively deployed across enterprise pharma and biotech organizations. As an open platform, TetraScience has built the largest integration 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. For more information, please visit tetrascience.com.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
About Alkeon Capital
Alkeon Capital is a global multi-billion dollar investment firm that invests in private and public growth and technology companies and category definers. With more than two decades of experience focusing on People and Innovation, Alkeon works closely with disruptive private companies to help them expand their addressable market, scale efficiently and seamlessly crossover to the public markets. Alkeon's goal is to be a long-term and accretive partner to all its portfolio companies along their private and public journey.