Cromatic Closes $5.3M Funding Round

Cromatic, a Palo Alto, CA-based full-stack digital platform for outsourced life sciences research, closed $5.3m funding round.

The round was led by LifeX Ventures and AgFunder with participation from Work Life Ventures, Not Boring Capital, FJ Labs, What If Ventures, Lux Capital, and angel investors.

The company intends to use the funds to accelerate the product roadmap for biotechs and CROs, forge strategic partnerships, and expand its team across product, engineering, sales and customer success.

Founded in 2022 by Ann Lin, CEO, and Anne Chen, CTO, Cromatic provides biotech companies with a cloud-based platform that allows identification and management of best-fit CROs. Through the integrated task management software, parties can streamline communications, monitor milestones, and manage projects from inception to completion.

The matching platform helps biotech companies connect with vetted CROs in less than 24 hours. The platform includes a suite of software tools for communication, collaboration, project and management along with a fully integrated payment solution. In the few months since the launch of its platform, Cromatic has over $15 million in R&D budget under management and has established partnerships with leading biotech accelerators, including Nucleate, SOSV, and ValleyDAO.