Citrine delivered record performance in Q2, highlighted by long-term renewals and upsells across market segments, including established materials and chemicals companies, discrete product manufacturers, and new market entrants dependent on materials and chemicals innovation. The company ended the first half of 2021 eclipsing its FY2020 total bookings by more than 5.5x and exceeding its FY2020 annual recurring revenue by over 2.5x.
“Our customers are seeing tremendous results with the Citrine Platform across the materials value chain,” said Greg Mulholland, Citrine’s CEO. “Discrete product manufacturers are realizing the value of AI-driven materials development, new market entrants are building data-driven R&D organizations from the ground up, and established materials and chemicals companies are innovating faster than ever. We’re at a tipping point in the market for AI-driven R&D, and Citrine is the right partner to usher in this transformation industry-wide.”
Continued International Expansion
Citrine strengthened its international presence with the hiring of Marius Popa as the Director of EMEA. Marius joins Citrine with over 20 years of global management experience at enterprise simulation and modeling companies including Ansys and Autodesk. He has been instrumental in the success of large digital transformation projects at multiple Fortune 500 companies, and will lead Citrine’s EMEA adoption and implementation strategy.
“EMEA is a rapidly accelerating market for Citrine and an indispensable contributor to the global materials and chemicals supply chain,” said Mike Smocer, Citrine’s VP of Global Sales & Marketing. “Marius is an experienced leader who understands the challenges and digital opportunities of our customers in the region. We look forward to continued growth and customer success in EMEA.”
New Patent Guides R&D Decision-Making
In Q2, Citrine received its 3rd patent, “Product Design and Materials Development Integration Using a Machine Learning-Generated Capability Map.” This patented technology allows the co-optimization of product performance and underlying materials properties through capability maps. These maps convey the feasibility of various target property combinations, enabling sophisticated discussions between materials producers and discrete product manufacturers. Capability maps can also be used by materials and chemicals application engineers to communicate with customers about whether target properties are achievable with current products, or whether higher cost ingredients or processes are needed to reach targets. The technology behind the maps is outlined in more detail in Citrine’s MRS Communications publication from 2020.
Citrine Informatics is the award-winning materials informatics 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 Citrine.io or contact us at +1 650-276-7318.
Josh Tappan, Director of Marketing