Led by M Ventures with participation by Waters Corporation, the
financing will be used by Riffyn to meet surging demand for its R&D data
OAKLAND, Calif.–(BUSINESS WIRE)–Riffyn, a global provider of Software-as-a-Service (SaaS) for scientific
process design and data analytics, announces the close of a $15 million
Series B financing led by M Ventures with participation from Waters
Corporation, O’Reilly AlphaTech Ventures, and Plug and Play Ventures.
Funds will be used to globally expand sales and scientific services, and
to accelerate development of Riffyn’s process development and advanced
data analytics technology.
Riffyn automatically integrates heterogeneous scientific data in real
time to feed machine-learning and AI. Its uniquely adaptive technology
allows scientists to continuously improve R&D processes while seamlessly
integrating associated experimental data. Riffyn is used by eight of the
top 15 largest biotechnology and pharmaceutical companies to deliver
repeatable scientific outcomes, faster product development, and
right-first-time technology scale-up.
“I am absolutely delighted to welcome M Ventures and Waters as investors
and directors of Riffyn,” said Tim Gardner, Founder and CEO of Riffyn.
“They bring a depth of experience and knowledge about the life sciences
market that will turbo-charge our already-rapid growth.”
Riffyn has delivered exceptional benefits to its customers’ R&D programs
30% reduction in effort (thousands of person-hours saved) to execute
real-time access to multi-experiment data sets for data-driven
- global integration of data for collaboration and machine learning
“We are really pleased to lead this significant investment round
alongside such high-quality co-investors and founders. Riffyn brings
considerable efficiencies and value to its growing base of R&D customers
worldwide,” said Joey Mason, head of M Ventures’ Life Sciences Fund.
“The company is becoming a stand-out leader in scientific data analytics
and is a compelling example of how digital transformation is creating
the lab of the future.”
Maura Fitzpatrick, Senior Director Global Products Marketing noted,
“Riffyn’s innovative analytical engine makes study design and data
sharing more intuitive. It also helps meet a growing need in our
customer base for highly adaptive data analytics and visualization.”
Application of machine learning and AI to scientific R&D data has been
hampered by the heterogeneity of data and the constant change of R&D
processes. Researchers commonly report spending 80% of their data
analysis time cleaning and preparing data. Traditional data systems have
failed to address these issues because they lack the structure,
flexibility, or data accessibility needed for fast-paced R&D cycles and
modern data analytics. Riffyn resolves these issues with “scientific
blueprints,” a patented computer-aided-design approach to science that
breaks down silos to deliver clean, contextualized, and connected data.
About M Ventures (www.m-ventures.com)
M Ventures is the strategic, corporate venture capital arm of Merck
KGaA, Darmstadt, Germany. Its mandate is to invest in innovative
technologies and products with the potential to significantly impact the
company’s core business areas. From its headquarters in Amsterdam and
offices in the US and Israel, M Ventures invests globally in
transformational ideas driven by great entrepreneurs. M Ventures takes
an active role in its portfolio companies and teams up with
entrepreneurs and co-investors to translate innovation towards
commercial success. M Ventures has a significant focus on early stage
investing and company creation including the creation of spin-offs to
leverage the company’s science and technology base.
About Waters Corporation (www.waters.com)
Waters Corporation (NYSE:WAT), the world’s leading specialty measurement
company, has pioneered chromatography, mass spectrometry, and thermal
analysis innovations serving the life, materials, and food sciences for
more than 60 years. With approximately 7,000 employees worldwide, Waters
operates directly in 31 countries, including 15 manufacturing
facilities, and with products available in more than 100 countries.
About Riffyn (www.riffyn.com)
Riffyn’s pioneering cloud software for scientific experimentation solves
previously intractable data fragmentation and data sharing problems in
R&D organizations. Using patented technology based on “scientific
blueprints,” Riffyn breaks down data silos to provide deeply integrated
data sets for real-time analysis and global access. The software
provides process life cycle management capabilities that support rapidly
evolving R&D processes. In addition, Riffyn Scientific Services provide
expert training and consulting on assay design, process improvement, and
scientific data analysis. Riffyn supports eight of the top 15 global
biopharmaceutical, biotechnology, and food technology firms.