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Blackstone Secures $12.6M in Financing, Plans to Sharpen Life Science Focus

NEW YORK, June 4 – Blackstone Technology Group, a provider of high-throughput computing software and services based in Worcester, Mass., said Monday it has closed a $12.6 million Series B round of venture financing led by Ampersand Ventures. 

Co-investors in the funding included Softbank Investment Corp., Garfly Invest AG, Itochu International, and Synopsys. 

Blackstone raised $3.5 million, almost exclusively through private and angel investors, in its initial round of funding in May 2000.

Blackstone has also appointed Brian Ritchie as president and CEO. Ron Ranauro, founder and former CEO of Blackstone, will remain at the company as vice president of business development. 

Ritchie said he intends to refocus the company’s efforts based on its strengths in the life sciences. The financing follows several recent client wins for Blackstone in this space: Biogen, Pfizer, and AstraZeneca have recently hired the company to build compute farms to support their drug discovery efforts. 

Approximately 90 percent of the company’s current business is through life science clients, Ritchie said, “but our new focus will bring it higher than that over the next eighteen to twenty-four months.”

In addition, Ritchie said the company would shift from its primary role as a consultant to that of a software provider. Blackstone expects to introduce new software lines that will focus on infrastructure management and optimization.

The first of the new software products is expected to launch in September, Richie said. 

Ritchie said the new funding would support R&D, marketing, and sales efforts at Blackstone. 

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