NEW YORK, NY, January 19th, 2023 - Cypris, a research platform for R&D teams, today announced a $4M Series A, led by York IE with notable institutional co-investors, Activate VP, K20 Fund & BlueTree Capital. The investment will enable Cypris to further its mission of helping R&D teams track and analyze global innovation through a single comprehensive platform.
Launched in 2021, the Cypris platform allows users to gain unique insights on technologies and companies from 500M+ live data points from sources like global patents, research papers, market news, and more. Cypris is empowering engineers much like Alphasense does for finance and PitchBook does for venture capital.
Today, R&D teams rely on misaligned or archaic software and costly service providers to answer pressing questions that can hold a significant impact on their long term product roadmap. Engineering teams are also increasingly tasked with building business cases around the verticals they’re looking to invest in, without being armed with the proper data—a daunting and time consuming task. Cypris releases that time consuming hold, while enabling new innovation discovery, by centralizing multiple disparate datasets in one single location.
“There are more platform innovations being introduced to markets today than at any point in history, across a wide spectrum of verticals,” said Steve Hafif, founder and CEO, Cypris. “Innovations in AI, blockchain, genomics, GPT, all have the power to drastically alter the evolution of even the most specialized markets. The responsibility of tracking these potentially disruptive technological breakthroughs, in many cases, are falling to R&D leaders. Without the proper tools they’re flying blind.”
Through the platform, users can run queries on virtually any keyword, competitor name or forward-looking concept and receive an automated and interactive report built on the historical and current status of innovation on the field or company. The data is pulled from a large proprietary database that the Cypris team curates and updates daily, which consists of major datasets like research papers, patents, product launch news, and more.
Searches that users perform can be saved into reports and grouped into projects that allow for sharing, collaboration among team members, and monitoring of key events within that space like lawsuits, new product launches, unusual market activity, IPOs, and more. Cypris also ensures competitive behavior and pivotal market movements don’t go unnoticed, to allow R&D teams to build their product roadmaps based on relevant and timely data.
“We’ve found that Cypris is becoming a core part of an R&D team’s basic research process. Users are spending time at the earliest level of a project to build reports surrounding keywords and competitors within a landscape, then adding robust monitoring links to have updates come to them. This gives teams the chance to develop with confidence, and spend less time on dashboards and more time in the lab,” said Steve.
Although Cypris currently markets to R&D as it’s core user profile, the platform has also proven to be beneficial for professionals in M&A, business development, finance, and venture capital, as an effective tool for conducting advanced technical inquiries.
"Over the past year, Cypris has generated strong product market fit with large enterprise customers across multiple verticals," said Joe Rackza, co-founder and managing partner, York IE. "This success shows that Cypris is becoming a mission critical tool for R&D and innovation teams. While we believe strongly in the market opportunity, we also know Steve is building the right team to capitalize on it. He has a great grasp on their market, business fundamentals, and how to grow the company."
Cypris plans to use the new funding to invest deeper into their AI applications to decrease ‘time to insights’ for users and to create new opportunities for innovation discovery through the platform.
For more information on Cypris, visit their website.
About Cypris:
Cypris is a market intelligence platform built for research and development and innovation teams. Designed to serve as a single ecosystem for global innovation data, the Cypris platform allows users to gain unique insights from 500M+ global data points to answer key questions about their market, competitors, core technologies, and more to support new product development, commercial strategy, and accelerate global innovation. To learn more about Cypris and how they help R&D and innovation teams, visit their website.
Press Contact:
McKenna Cosway
mckennac@cypris.ai
