$4.2 M Elevation Capital led series A funding raised by Singapore’s Polymerize
Elevation Capital led a series A fundraising round for Polymerize, a Singapore-based AI business.
After investing in Polymerize’s US $590,000 seed round in October 2020, InfoEdge Ventures decided to increase its stake in the company.
Polymerize works with firms in the automotive, adhesives, paints & coatings, speciality chemicals, and packaging industries, and has customers in Japan, Singapore, and India.
Polymerize is a SaaS platform for chemical firms’ R&D teams, founded in 2020 by Kunal Sandeep and Abhijit Salvekar. It seeks to cut development time in half and save up to 40% on R&D costs, resulting in novel formulations with superior results.
This is accomplished by allowing R&D teams from many locations to interact and manage trial data, plan new tests, and get AI-based recommendations for new formulations or alternative chemicals.
The extra cash will be used to increase recruiting and expand the firm’s geographic reach.
“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 of experiments, but they also run the risk of missing out on the formulation of materials with unique properties,” said Salvekar.
