Cromatic, a pioneering full-stack digital platform dedicated to outsourcing in life sciences research, has successfully secured $5.3 million in a recent funding round.
Spearheaded by LifeX Ventures and AgFunder, the investment saw contributions from other notable entities including Work Life Ventures, Not Boring Capital, FJ Labs, What If Ventures, Lux Capital, and several angel investors.
As the biotech and pharmaceutical sectors experience a surge in demand for R&D outsourcing—a market projected to hit the $275 billion mark by 2030—Cromatic stands out by providing a solution to an increasingly fragmented service market.
The platform promises to connect biotech firms with certified Contract Research Organizations (CROs) within 24 hours, a significant cut from the months-long processes typically seen in the industry.
This efficient pairing is complemented by an array of software tools designed for enhanced communication, collaboration, project management, and integrated payment systems.
Since its inception, Cromatic has already managed over $15 million in R&D budgets and formed strategic alliances with top biotech accelerators like Nucleate, SOSV, and ValleyDAO. Its remarkable trajectory was acknowledged in the Decoding Bio Snapshot 2023, highlighting Cromatic as one of the top 40 TechBio companies.
Ann Lin, Cromatic’s CEO, expressed her vision of making biotech research more accessible, drawing a parallel with tech behemoths that started in garages. She aims to replicate that for biotech innovators, providing the resources and support they need to test and develop their ideas without the daunting upfront investment in infrastructure.
Anne Chen, CTO of Cromatic, further emphasized the company’s goal to transform the biotech research landscape through advanced technology, facilitating quicker and more cost-effective development of significant scientific breakthroughs.
Venture capitalists have recognized Cromatic’s potential to revolutionize the R&D process. LifeX Ventures praised the platform’s comprehensive approach, while AgFunder highlighted Cromatic’s role in reducing the complexity and cost of innovation.
Not Boring Capital noted the shift in drug development innovation to biotech, predicting that Cromatic’s platform will be where future research milestones are achieved.
The fresh capital injection is set to accelerate Cromatic’s product development for biotechs and CROs, cement strategic alliances, and enable the company to bolster its workforce in various critical departments, thus reaffirming its position at the forefront of biotech R&D outsourcing innovation.