REDWOOD CITY, Calif., January 14, 2022--(BUSINESS WIRE)--Citrine Informatics, the provider of the leading AI and smart data management software platform for materials and chemicals, announced a record year for sales growth in 2021 and a strong outlook for 2022.
Citrine Informatics closed out its strongest year yet in company history, eclipsing FY2020 annual recurring revenue (ARR) in 2021 by 3.3X. Citrine’s FY2021 TCV grew 8.3X over FY2020, bolstered by multiple multi-year agreements from some of the most advanced companies in the materials and chemicals industry.
"Our rapidly accelerating growth is driven by our customers’ seeing concrete successes using the Citrine Platform and proves that data-driven product development is here to stay," said Greg Mulholland, Citrine’s CEO. "Our customers’ results are surpassing their ROI expectations, driving them to make deeper investments faster than expected. We are excited that not only are these companies seeing incredible financial returns, but also are using the Citrine Platform to create their greenest, most sustainable product portfolios in history."
Building on momentum from 2021, Citrine is forecasting another record year for customer adoption and sales. "The value our customers are deriving from our platform is leading to accelerated adoption rates and continued investment in our Platform and our team. We expect to see 80% growth within our existing customer base alone in 2022, plus another record year for new customers as market readiness continues to mature," said Mike Smocer, Citrine’s VP of Global Sales & Marketing.
Growing Demand Fueled by Citrine Platform November 2021 Release
To address increased demand, Citrine will launch monthly hands-on workshops for all prospective customers to gain knowledge and experience with Citrine’s AI platform in the development and optimization of products, chemicals, and materials. "Our 2021 product release has motivated chemists, materials scientists, and product developers to get hands-on experience with AI and our Platform," said Greg Mulholland, Citrine’s CEO. "These workshops will help show these brilliant scientists how AI can be a source of leverage for them and their organization in the creation of the next generation of green, performant materials and chemicals."
Citrine Informatics is the award-winning materials informatics software platform for data-driven materials and chemicals development. It won the 2017 World Materials Forum Start-up Challenge, 2020-2021 Cleantech 100 honors, and was named to the 2020 CB Insights AI 100 list. 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, chemicals, and product manufacturing industries in Asia, North America, and Europe. For more information visit our website at https://citrine.io or contact us at +1 650-276-7318.
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Josh Tappan, Director of Marketing