Polymerize Raises $4.2 Million In Series A Funding Round The fund will be used to ramp up hiring and expand the company's geographical footprint
By Teena Jose
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Polymerize, a material informatics platform for R&D in chemical companies, has raised $4.2 million in Series A funding round led by Elevation Capital. The round also saw participation from InfoEdge Ventures. The fund raised will be used to ramp up hiring and expand the company's geographical footprint.
"Both Kunal and I were struck by the inefficiencies in R&D for materials formulation. Not only are the current methods inefficient and don't leverage data from previous iterations experiments, they also run the risk of missing out on the formulation of materials with unique properties. 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, co-founder, Polymerize.
The company has acquired marquee customers across three markets, Japan, Singapore and India. It is currently focusing on companies across automotive, adhesives, paint and coatings, chemicals and packaging, as per company's statement.
"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 companies and assist them in digitizing their materials innovation journey," said Amit Behl, partner, InfoEdge Venture.
Founded in 2020 by Kunal Sandeep and Dr. Abhijit Salvekar, Polymerize is a SaaS platform that helps R&D teams in chemical companies simplify the process of formulation development and data management. The core value proposition of the platform is to reduce the overall R&D costs and accelerate companies' time-to-market for their new products.
