TetraScience Announces Biotech Expansion – Tetra R&D Data Cloud Meets Needs of Rapidly-Growing and Vital Biotech Segment
TetraScience, the R&D Data Cloud company, announced expansion of the company’s business to meet the needs of the fast-growing and vital biotech segment.
The biotech industry broke many of its own records in 2021. A total of 176 biotech companies priced IPOs in 2021, the busiest year by deal count since 2000, according to IPO research firm, Renaissance Capital, and IPOscoop.com. Venture capital funding for biotech companies hit record highs nationally in 2022, exceeding $30 billion for the first time in the 12-month period ending September 2021. In Massachusetts alone, 2021 shattered records — with biotech garnering $13.66 billion in venture capital funding; surpassing the sum of statewide venture capital funding for biotech in 2019 and 2020, and marking an increase of 70%, year over year.
“Biotech companies need and expect scientific discovery to occur at the speed of cloud computing,” says Chad Garrett, Chief Revenue Officer with TetraScience. “For this, their cloud-native tech stacks must be purpose-built around their workflows and the use cases they serve. The Tetra R&D Data Cloud has proven to have ideal product-market fit for these fast-moving organizations.”
Faced with scientific data coming from hundreds of different instruments and sources in different proprietary formats, biotech organizations typically want to start and scale their operations by having all of their scientific data harmonized, centralized, and stored in the cloud. The Tetra R&D Data cloud, which includes productized integrations from the Tetra Partner Network, uniquely solves these problems by seamlessly collecting and archiving scientific data, validating it, harmonizing it, and preparing it for deeper analysis.
“Biotech customers represent a growing part of TetraScience’s customer base, expanding 8x in the last year alone,” said Patrick Grady, CEO of TetraScience. “Our category-leading R&D Data Cloud is delivering significant time-to-market benefits to this rapidly growing market by giving them the foundational data to enable their advanced analytics and AI or ML-enabled discovery and development.”
“To rapidly advance the discovery, development, and delivery of new therapeutics at the pace biotechs are moving requires a solid foundation of harmonized, actionable scientific data in the cloud,” said Bryan Holmes, VP of Information Technology at Andelyn Biosciences. “That’s table stakes for high-speed, automated labs today. We’re excited by how the Tetra R&D Data Cloud delivers this and has the potential to dramatically accelerate scientific outcomes and time-to-market for new life-saving therapeutics.”
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