Chemistry-focused tech specialist DeepMatter Group sees revenues jump

DeepMatter Group, which is behind a cloud-based platform to record and share the results of chemistry experiments, has flagged an “increased pipeline of opportunities” after growing revenues in 2020.

The Glasgow firm has seen revenues increase to £1.3 million from £1.2m in 2019, while its loss for the year narrowed to £2.4m from £3m. It also pointed out that half of the world’s top ten pharmaceutical organisations use its products.

Cash as at December 31 remained the same as 12 months previously at £2.6m, with the business having in July of last year raised gross proceeds of £2.2m, “enabling further investment in the group's sales and marketing to support its long-term objectives”.

The firm says half of the world’s top ten pharmaceutical organisations use its products. Picture: contributed.

Aim-quoted DeepMatter also in the year saw a 300 per cent jump in the number of trials of its products, while user numbers leapt by nearly a fifth.

Chief executive Mark Warne said: "I am pleased to report that we achieved notable strategic successes and have entered 2021 in a strong position despite the uncertainty created in 2020 by the impact of Covid-19.

"We will continue to build on the momentum of the second half of 2020 in the current year with sales to the pharmaceutical industry and scientific publishers whilst targeting the [contract research organisation] and academic sectors who are proving to be the most successful early adopters of our platform.

"We are encouraged by our growing base of committed recurring revenues and an increased pipeline of opportunities. Our increased sales and marketing capability is delivering results, and we have a strengthened financial basis on which to grow. We therefore look forward to the ongoing execution of our growth strategy."

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