- Scientific process design and data analytics SaaS company Riffyn announced it raised $15 million in Series B funding led by M Ventures.
Riffyn is a global provider of Software-as-a-Service (SaaS) for scientific process design and data analytics. Recently, Riffyn announced it has closed $15 million in Series B funding led by M Ventures. Waters Corporation, O’Reilly AlphaTech Ventures, and Plug and Play Ventures also participated in this round.
With this round of funding, Riffyn is going to globally expand sales and scientific services and to accelerate development Riffyn’s process development and advanced data analytics technology.
“I am absolutely delighted to welcome M Ventures and Waters as investors and directors of Riffyn,” said Riffyn founder and CEO Timothy Gardner. “They bring a depth of experience and knowledge about the life sciences market that will turbo-charge our already-rapid growth.”
What does Riffyn do? The company automatically integrates heterogeneous scientific data in real-time to feed machine-learning and artificial intelligence. And its adaptive technology enables scientists to continuously improve R&D processes while seamlessly integrating experimental data.
Riffyn is currently used by 8 out of the top 15 largest biotechnology and pharmaceutical companies for delivering repeatable scientific outcomes and faster product development
Riffyn has delivered exceptional benefits to its customer R&D programs such as 30% reduction in effort (thousands of person-hours saved) to execute scientific workflows. And it provides real-time access to multi-experiment data sets for data-driven decisions. Plus it has 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,” added Joey Mason of the 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.”
In many cases, the application of machine learning and AI to scientific R&D data has been hampered by the heterogeneity of data along with the constant change of R&D processes. And researchers commonly report spending 80% of their data analysis time cleaning and preparing data.
“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,” explained Maura Fitzpatrick — the Senior Director of Global Products Marketing at Waters Corporation.