Big pharmaceutical companies have a single set of needs when it comes to building applications. Their models are more complex and data intensive than most industries. A platform-as-a-service tailored to the needs of this vertical is being built by Quantori.
The startup is trying to position itself as being uniquely prepared to work with this market, and today it announced a $15 million seed investment.
Quantori's data engineering and data science platform for drug discovery and development aims to build a new data integration and high- performance computational environment for global and early-stage bio pharma companies. According to the company, the platform is capable of reducing cost and time of delivery to patients in half.
According to the co-founder and chief science officer atQuantori, the founders back up their claims with decades of experience in this market, including helping launch and build a company called GGA Software Services, which was acquired by EPAM.
Many of the 700 employees of the company are life sciences experts. He said that they have been able to bring in many employees before getting any outside capital because they focus on professional services work first.
From the beginning, we had a plan for rapid growth. Initially, we were focused on revenue The revenues from those activities will help to support technology development and we believe that our professional services work will educate us better about the needs that companies have in technology development.
Through consulting work, the company has been building a platform of base services with the goal of having customers build their own applications or hire the team to help them.
The goal is to create a platform-based services company, so it is not a product company, but we will integrate them and tailor them for our clients. There will always be a license component.
They are supporting more than 30 customers and expect to make $30 million in revenue this year.
The platform components are still being built, but eventually will include a discovery engine, a high performance computing component, data engineering and data analytic components. Customers will be able to mix and match components as they please.
It has over 700 employees and is very important to the founding team. One of the pain points that I am trying to overcome is this. We are doing well in terms of gender diversity. There are a lot of talented men and women with the same sexual orientation. He said that we also have racial diversity.
He said that he is trying to find women for his business development organization.
Boston-basedFlint Capital invested today. Early on, the company couldn't rely on consulting services for revenue
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