April 4, 2023
BERKELEY, Calif. – Citrine Informatics, the leading AI and smart data management software platform for materials and chemicals development, announced a record quarter for ACV bookings and 150% sequential quarter growth, powered by long term contracts and rapid penetration within the growing battery industry.
ANOTHER RECORD QUARTER FOR ACV BOOKINGS
In Q1, Citrine set another quarterly record for ACV bookings, exceeding its previous best quarter of Q32022, and growing bookings 150% sequentially. The revenue achievements were underpinned by a record number of >1-year software contracts as global leaders in the chemicals, formulations, batteries, and paints and coatings industries are acting with urgency to scale the returns unlocked by implementing the Citrine Platform. Among these deals, the company announced a new partnership with Synthomer for high performance polymer solution development.
“In most of Citrine’s history, many customers were interested in testing and de-risking AI; understanding how this could impact their businesses. Today, many leaders in the industry see AI as an imperative to stay competitive and are looking for the right partner to bring this capability to scale as quickly as possible.” said Citrine Informatics CEO Greg Mulholland. “Citrine stands alone as the proven platform and partner to enable this rapid transformation and that is why we are growing quickly and expect growth to accelerate.”
BATTERIES POWER GROWTH
The global Batteries market has been the fastest growing segment for Citrine over the past 12 months, and Citrine has become recognized as the leader in deploying AI in this industry. Dr. Jacob Mohin leads Citrine’s efforts in this vertical and was an invited speaker at the International Battery Conference in March. “Materials discovery and selection lies at the heart of innovation in the lithium-ion batteries research field. Informatics is the natural choice to shorten this research timeline to bring next-gen batteries to market, due to the long qualification timelines, extreme capital risk of scaleup, and geopolitical supply chain risks. In short, the fastest research teams will win the battery race when it comes to materials discovery.” said Dr. Mohin. In addition, Citrine has developed an integration with Voltaiq, the leading battery data and analytics platform provider, and the companies are planning additional joint events and marketing efforts in 2023.
ABOUT CITRINE INFORMATICS
Citrine Informatics is an enterprise SaaS platform company that leverages artificial intelligence and materials science to enable customers to improve product development and optimization. The Citrine Platform provides a unified data infrastructure for materials and chemical data — allowing product developers to easily access, share, and analyze data. Citrine’s AI has improved business outcomes across a range of industries, including specialty chemicals, coatings, batteries, CPG, and many others. Citrine’s mission is to accelerate the pace of innovation and enable customers to introduce more performant and sustainable materials and chemicals faster.