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March 25, 2021
Synthace More than Doubles Its Annual Recurring Revenue; Expands Customer Footprint with the Top Pharma Companies in 2020
Strong financial performance and the achievement of other key milestones demonstrate the growing strength of Synthace’s offering within the biopharma and biotech industries
25 March 2021, London, UK: Synthace Ltd, developers of the cloud-based software platform for automating and improving the success rate of biological processes, today announced it increased its annual recurring revenue by 225% compared to the previous financial year. The company also expanded its footprint across the top pharmaceutical companies, establishing relationships with four of the top ten companies across the world.
2020 was a landmark year for the global pharmaceutical and life sciences industry as the global pharma community looked to support global efforts to respond to the pandemic. With greater recognition of the need to fully automate the execution of experiments in their labs and collate and analyze data more effectively, the adoption of Synthace’s automated lab platform rapidly accelerated.
This led to significant business momentum for Synthace; its automated lab solutions allow its growing number of customers to run far more complex experiments and automatically generate complete sets of raw and metadata so they can increase their competitiveness and accelerate innovation.
Business highlights for Synthace include:
- A greater than 225% increase in annual recurring revenue
- A greater than 80% expansion in annual recurring revenue with existing customers
- Multiple customers surpassing six-figure annual recurring revenues, with additional customers set to follow suit in the coming months
- The signing of five new, strategic go-to-market partnerships with lab equipment suppliers (Tecan, SPT Labtech, Repligen, Hamilton, and BioTek)
- The hosting of its second annual beer, Bytes and Biology conference, which grew by over 185% compared to last year. The event hosted over 200 participants and included presentations by key industry luminaries on how they have automated their labs
Synthace’s business success in the fiscal year 2021 was driven by the delivery of several new trusted protocols that leverage the Synthace platform and bring immediate benefits to the customer. Protocols are the basic building blocks of biological experimentation. Synthace’s trusted protocols are fully automated, highly flexible and optimized, generate fully contextualized data sets, and have been fully verified within its labs. These protocols provide huge value above and beyond the traditionally derived and rigid protocols that pharma companies develop internally.
The company’s key product deliverables in the fiscal year 2021 included:
- The release of the Miniaturized Purification protocol on Tecan instruments
- The release of the ELISA protocol, including support for Hamilton, SPT Labtech, and BioTek instruments
- The release of major upgrades to its Design of Experiments protocol
- Significantly expanding the capabilities of the Synthace platform to allow the running of experiments on multiple connected instruments to increase performance, reliability, and walkaway time
- Simplification of the user experience and interface to dramatically decrease the level of expertise required to use the platform
The significant achievements of the last twelve months will support and strengthen the company’s mission to fully automate the biological lab, allow the capture of complete sets of raw and metadata for every experiment, and allow radically more complex experiments to be run as standard practice.
Tim Fell, CEO of Synthace, commented, “The pandemic has rapidly accelerated a move toward data-driven automated biology. In response, the global pharma community sought to digitally transform their enterprise operations. Synthace’s established leadership in this space has led to significant traction in the market, with new customers signing up and existing ones expanding their use of our offering to enhance their automation and data analysis capabilities. Looking ahead, we are confident our customer base will expand further as more organizations explore the complexity of biology through our advanced software and automation, so they can perform ever more complex experiments.”
Head of PR
Based in London, UK, and Boston, the US, Synthace is accelerating biological discovery and optimization through computer-aided biology. Our cloud software platform empowers biologists by enabling them to flexibly program their lab automation without the need to code. The graphical user interface has been designed by biologists for biologists, intuitively enabling them to automate their whole experiment from planning to execution, data collection, and analysis. The Synthace platform is the cornerstone of the lab of the future, seamlessly connecting the digital realm of data with the physical of lab automation and wet-lab biology, automatically collecting and structuring data to accelerate biological understanding.
Synthace is unlocking the potential of biology for humankind and our environment. Synthace works with biopharmaceutical companies, and in 2016 was recognized by the World Economic Forum as a Technology Pioneer that is helping shape the Fourth Industrial Revolution, and in 2018 as a cool vendor by Gartner.
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