Singapore-based software-as-a-service (SaaS) based AI startup, Polymerize has raised $4.2 million in funding round from Elevation Capital.
Existing investor InfoEdge Ventures also participated in this round.
The startup plans to use this fund to increase hiring and expand its presence in India, Japan and the US.
Singapore-based artificial intelligence (AI)-based Saas platform Polymerize was founded in 2020 by Kunal Sandeep and Abhijit Salvekar, It helps research and development (R&D) teams in chemical companies to simplify formulation development and data management.
Its core value proposition is to reduce R&D costs and accelerate time-to-market for new products.
The startup enables R&D teams in different geographies to collaborate and manage all their past and current experimental data, design new experiments and receive AI-based recommendations for new formulations.
Polymerize has a subsidiary in India and its technical team is entirely located in the country.
“Polymerize’s deep-tech solution not only allows companies to save on time and money, it also ensures the best possible end-level output,” said, Abhijit Salvekar, cofounder of Polymerize.
“We are currently working with one medium and a large customer, one in adhesive and the other in phase change materials. Our effort is in increasing our customer base in India and a significant addition will be to our engineering team here in India,” he added.
“We funded Polymerize at an idea stage and are impressed by the accuracy of the AI platform Kunal and Abhijit have built. This capital raise shall enable Polymerize to deepen its relationships with large polymer cos and assist them in digitising their materials innovation journey,” said, Amit Behl, partner at InfoEdge Ventures.
October 2020, Polymerize had raised $590,000 in its seed funding round led by Noida based InfoEdge Ventures.
Polymerize is bringing materials innovation and digitalisation to chemical companies. They provide material informatics platform to make product development highly efficient, helping companies save costs and bring materials to the market in one third of the time. Polymerize is backed by InfoEdge Ventures and Entrepreneur First.