March 25, 2022 — REDWOOD CITY, Calif. — Evonik, one of the world’s leading specialty-chemicals companies, invested in Citrine Informatics, provider of the Citrine Platform, a leading AI and smart data management software platform for materials and chemicals development. The Citrine Platform is currently utilized by materials-enabled start-ups, Fortune 100 materials and chemicals companies, and manufacturing companies to accelerate innovation using AI in product development.
The investment in Citrine Informatics was made through Evonik Venture Capital, which supports start-ups in highly attractive markets with above-average growth rates in the areas of Nutrition & Care, Specialty Additives and Smart Materials. Evonik Venture Capital invested in Citrine due to its position as a key enabling digital technology with a broad potential for impact across the materials and chemicals industry.
“The Citrine Platform enables product developers, scientists, and data managers to use cutting-edge machine learning and data management technology to accelerate materials and chemicals development via an intuitive interface,” says Bernhard Mohr, Head of Evonik Venture Capital. “We are pleased to be able to support this pioneering technology.”
“We’re excited to have the financial backing and support of one of the world’s foremost innovators in materials and chemicals. Evonik’s commitment to sustainability and innovation aligns well with our vision from the earliest days of Citrine: to accelerate the development and deployment of the next generation of sustainable, performant materials and chemicals. We are excited for what the future holds together,” said Greg Mulholland, Citrine’s CEO.
ABOUT CITRINE INFORMATICS
Citrine Informatics is the provider of the award-winning materials informatics software platform for data-driven materials and chemicals development. It won the 2017 World Materials Forum Start- up Challenge, the 2018 AI Breakthrough award as the “Best AI-based Solution for Manufacturing,” and 2020-2021 Cleantech 100 honors. The Citrine Platform combines smart materials data infrastructure and AI, which accelerates development of cutting-edge materials, facilitates product portfolio optimization, and codifies research IP, enabling its reuse and preventing its loss. Citrine’s customers include Panasonic, Michelin, LANXESS, and some of the biggest and most respected names in the materials and chemicals industry in Asia, North America, and Europe. For more information visit our website at https://citrine.io.
About Evonik Venture Capital
With a fund size of €250 million, Evonik Venture Capital (EVC) has made about 45 investments since 2012, both direct and fund investments. EVC has offices in Germany, the USA and China and invests in innovative technologies and disruptive business models in the fields of Nutrition & Care, Specialty Additives and Smart Materials, as well as enabling digital technologies. The EVC team of experienced investment managers provide portfolio companies comprehensive support. The investment scope ranges from early stage to growth stage with investment volume per portfolio company of up to €15 million. https://venturing.evonik.com.