Investments Launch Teranode into the Life Sciences Spotlight
Ignition Partners leads a $2.6M, Series A Round
Seattle, Washington August 3, 2004 Teranode Corporation announced today that it has closed a $2.6M Series A round of financing that will help expand its growing business as a provider of design automation software for the life sciences industry. The Seattle, Washington-based corporation is the provider of VLX Design Suite™, a software platform that allows laboratory and in-silico scientists to accelerate discovery, simplify communication, and optimize decision making.
“Having already shipped our first releases and secured industry-leading customers, our next step was to accelerate development and growth of the business with Series A funding,” said Joe Duncan, Teranode President and CEO. “In addition to the capital investment, I couldn’t be happier with the business network and expertise of our investors and the impact they will make on our business.”
Series A Funding Partnerships
Ignition Partners led the round, which also included existing investors, the Washington Research Foundation (WRF Capital) and Prima Electronics. Previous funding for the company is in the form of a $1.8M grant from the National Institute of Health (NIH), undiluted funds from the NSF and Intel Research, seed funding from the Washington Research foundation, and private investors.
The funds will be used to expand the development and support teams for Teranode’s growing enterprise customer base, which include Pfizer, AstraZeneca, Fred Hutchinson Cancer Research Center and St. Jude’s Hospital. Additionally, Teranode will be investing in marketing and partnerships to continue to promote and develop its market for emerging biotechnology companies, universities, and individual researchers.
Life Sciences Design Automation Challenges
In the field of life sciences research, where the volume of new data is doubling every six months, scientists continually need to refine their processes, optimize experiments, and most importantly, leverage what’s known—to gain more time for discovery and analysis. Experimentation, both in the lab and through in-silico modeling, drives the discovery process. Yet, despite all of the advances in life sciences, much of the methodology for designing and documenting experiments and results remains unchanged.
With its VLX Design Suite, Teranode is at the forefront of applying the principles of modeling to the process of life science experimentation, providing the first industrial-strength and scientifically focused family of design automation products. The VLX Design Suite allows biologists to represent, annotate, archive, and share information about complex experiment plans and outcomes as well as biological systems in a manner that is highly intuitive and easy to use. By capturing protocols, biological models and experiment data, it enables scientists to leverage what’s known, while pushing the boundaries of science.
About Teranode Corporation
Teranode Corporation, headquartered in Seattle, WA, delivers a design automation platform that unifies the planning, execution and evaluation of physical and in-silico processes. The company, founded in 2002 to revolutionize the role that computing plays in life-sciences, began with technologies invented by the founders at the University of Washington.
The company has been backed during its formative stage by research partners including the University of Washington, Intel, the NSF and the NIH. It is an IBM Business Partner in the Life Sciences sector and an Oracle Advantage Partner. The company’s VLX Design Suite is being used by leading pharmaceutical, biotechnology, research and academic organizations including Pfizer, AstraZeneca, St. Jude’s Hospital, and Fred Hutchinson Cancer Research Center. Visit the company’s web site at: www.teranode.com.