Litmaps, an artificial intelligence-powered research tool based in Wellington, has reported a significant increase in its user base, now hosting 370,000 scientists globally. The software startup, which focuses on accelerating scientific research through AI and network visualisations, has expanded its reach across 190 countries.
This growth comes as the company gears up for a Series A funding round aimed at enhancing support for institutional users.
Co-founder Axton Pitt articulated the company's ambitions, stating, "There are so many case studies showing how we are benefiting the global science community, and we believe there are massive opportunities globally to expand the use of the technology to a university and institution level and explore its use for commercial R&D where speed to market is a key aspect driving competitiveness."
Litmaps has now achieved an annual recurring revenue (ARR) of USD $500,000, a noteworthy increase from nearly zero at the end of 2022. This financial milestone underpins its planned Series A round, aimed at powering US-based expansion and further entrenching its presence in the academic sector.
The tool has been actively used by researchers from renowned institutions including the University of Cambridge, Imperial College London, Stanford University, and Harvard University.
The platform assists academics in answering critical research questions, such as prior work in the field, emerging themes, and identifying gaps in existing research. Pitt emphasised the inefficacy of current literature review tools and the consequential impact: "You wouldn't believe the amount of times academic papers focus on exactly the same thing. Instead of spending time piecing together literature reviews; Litmaps frees students up to focus on what actually matters - building on what's already out there and researching the as yet unexplored."
Three years after securing USD $1 million from investors like K1W1, Quidnet, and Icehouse Ventures, Litmaps is preparing to expand its footprint further. The addition of Peter Lee and Dr Ralph Highnam to its Board underscores its growth and future potential. Dr Highnam, who has significantly contributed to early detection of breast cancer through AI, became an investor following his successful use of Litmaps in demonstrating historical research in the field. "You can't build on the shoulders of giants if you don't know who those giants are or what they've discovered. If more scientists used Litmaps, we'd spend far less time debating what's novel and actually implementing it," commented Dr Highnam.
Litmaps operates as a new type of search engine, utilising AI-powered algorithms to search through 300 million published and peer-reviewed studies. This enables the creation of a visual map of existing research. Unlike traditional tools, Litmaps aims to provide accurate and interactive research discovery without the inaccuracies associated with conventional AI.
The company cites thousands of scientific journals in its data sets, including Nature, The Lancet, PubMed, and arXiv.org from Cornell University.
The startup's mission to streamline literature review resonates with its planned expansion into industries such as biotech, AI research, and medtech.
"There are 3 million graduate students in the US alone. It would benefit every institute they're studying at to see them succeed faster, and we want to see them offer Litmaps as the way to do this and as a source of competitive advantage," noted Pitt.
A modest team of six full-time employees has driven Litmaps' exponential growth, which has occurred with minimal advertising expenditure. This underscores the tool's strong product-market fit and strategic potential for further development. Currently, Litmaps is engaged in three proof-of-concept projects with universities and libraries, which will help refine a scalable sales approach for broader adoption.
Pitt concludes, "Scientific literature has been ineffective for long enough, and this has hindered progress. We're proud to be spearheading technology that will help us close the gap between research and outcomes."
