Israeli AI cloud-based materials discovery platform Materials Zone announced today that it completed a $6 million Series A financing round led by Insight Partners, with participation from OurCrowd. The company's platform disrupts the way materials-based products are developed and manufactured.
Materials Zone has created an online materials discovery platform that funnels R&D and manufacturing data into an interoperable and structured database, enabling users to achieve meaningful AI/ML insights, reduce R&D research times, and efficiently collaborate with others. The platform is domain-agnostic and can serve customers from different verticals, such as Energy Storage, Renewables, and Nano-Materials, supporting both simple and complex materials architectures. The company already serves paying customers, including a Fortune 100 company.
Materials Zone founder and CEO Dr. Assaf Anderson said, "In order to develop new technologies and physical products, companies must first understand the materials that comprise those products, as well as those materials’ properties. Understanding the science of materials has therefore become a driving force behind innovation. However, the data behind materials R&D and production has traditionally been poorly managed, unstructured, and underutilized, often leading to redundant experiments, limited capacity to build on past experience, and an inability to effectively collaborate, which inevitably wastes countless dollars and man-hours."
He added, "Today, for example, to develop a photovoltaic transparent window or a non-flammable, high energy density solid-state battery, tens of thousands of experiments would be necessary to find the core materials’ optimal parameters and to understand how they will orchestrate as a complete device. This process is long, costly and rarely successful. Materials Zone's platform makes this process faster and cheaper by providing data standardization, process and workflow management tools, which enable the user to apply and use analytical and AI/ML tools to better understand their data and receive real-time guidance, thus achieving better results."
Materials Zone plans to use the investment funds to hire additional team members, continue improving its product offering and pursue customers from additional verticals, such as green construction, perovskites, automotive and semiconductors.
Published by Globes, Israel business news - en.globes.co.il - on April 27, 2021
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