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Citrine Informatics Continues 2021 Record Performance in Q3

·3-min read

REDWOOD CITY, Calif., October 28, 2021--(BUSINESS WIRE)--Citrine Informatics, the leading AI and smart data management software platform for materials and chemicals, announced record growth across all market verticals, strong customer renewals, and an upcoming product launch in Q4.

Record Upsells and Renewals

Citrine delivered exceptional results in Q3, posting year-to-date ACV growth of 233% compared to 2020 and sequential quarter growth of 23%. The company’s results were driven by continued record success converting pilot customers to autonomous platform users. Total orders from these conversions exceeded the company’s previous record by 2X.

"Our recent success is rooted in our platform’s ability to enable the most innovative companies to solve today’s existential materials and chemicals product development challenges in areas such as sustainability, supply chain optimization, additive manufacturing, and electrification," said Greg Mulholland, Citrine’s CEO. "Our focus continues to be delivering the most advanced functionality in an easy-to-use way at enterprise scale. Our customers’ continued votes of confidence by renewing and expanding our relationships show the real value they are deriving from this approach and our shared vision for our industry."

Q4 Performance Outlook

Citrine announced that it is positioned for a strong finish to 2021 and fast start in 2022. The Q4 pipeline has exceeded all previous records by at least 50% in new customers, renewals and upsells. "Citrine works closely with its customers to establish both the capability of our platform and a plan to implement it within desired workflows," said Mike Smocer, Citrine Vice President of Global Sales & Marketing. "Our stellar pilot conversion rate is a direct consequence of focusing on our customers’ business realities and developing a deployment plan that is purposeful about success."

New Product Launch

Citrine announced a launch event for the next iteration of the Citrine Platform on November 9, 2021 at 12pm ET. Hosted by Citrine’s CEO Greg Mulholland, the launch event focuses on putting the power of AI in the hands of scientists and product developers through no-code, AI-driven product development workflows--an unparalleled approach in the industry. Interested attendees can register here.

About Citrine

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, 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, chemicals, and product manufacturing industries in Asia, North America, and Europe. For more information visit our website at Citrine.io or contact us at +1 650-276-7318.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211028006175/en/

Contacts

Josh Tappan, Director of Marketing
jtappan@citrine.io

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