The round was led by Benchmark, with the participation of F-Prime Capital, a global venture capital firm associated with Fidelity Investments, and the returning investor Thrive Capital. Benchmark General Partner Eric Vishria will join the Board of Directors
New funding comes as the company’s ARR increased by 500% and its customer base tripled year-over-year. Today, more than 100,000 scientists across companies and academia are using Benchling. Since its last funding round in 2016, Benchling has seen leading pharmaceutical and biotech clients such as Regeneron Pharmaceuticals, Incyte, Editas Medicine, Agenus, Zymergen and Obsidian Therapeutics standardize on its R&D platform.
“Regeneron has been led by physician-scientists throughout our 30-year history,” said Nicholas Papadopoulos, Ph.D. D. D. , Senior Vice President, Research & Development at Regeneron “Since our foundation, science has remained our central guiding principle. Benchling fits perfectly into this philosophy, providing us with a flexible computer platform that enables our scientists to focus on high-impact research and deliver life-transforming medicines. “That’s right.
Historically, biologics accounted for a small percentage of pharmaceutical pipelines. Today, biologics are widely recognized as drugs of the future, making up 40% of the pipeline. The importance of biologics will only increase as breakthroughs like CRISPR have an impact not only on pharmaceuticals but also on industries such as agriculture and energy. Despite these advancements, scientists are often stuck with archaic systems to track their work, including paper notebooks, offline spreadsheets, and legacy on-site software, delaying critical decisions about research and experimentation. In view of this problem, the Benchling team set up a purpose-built platform to enable scientists to compile and organize comprehensive data on all their R&D programs. Thanks to Benchling’s platform, customers report up to a 4X increase in productivity and up to a 67% reduction in email to collaborate on their research.
“We see scientists spending more than a third of their time on non-scientific work. This is a massive loss of scientific potential and a drain on Ph. D. D. Resources,” said Sajith Wickramasekara, co-founder and CEO of Benchling. “We started Benchling to help scientists make better decisions more quickly and use their time for higher-impact work, such as experimental strategy and design. Our hope is that they will be able to advance life sciences at a faster pace and do what might otherwise take 30 to 50 years in 10 years. “That’s right.
The company empowers R&D teams with a suite of unified applications to encourage active collaboration, design and research on biologics, and accelerate the production and retention of knowledge.
“In the next five years, the majority of top pharmaceuticals will be bio-based drugs,” said Benchmark General Partner Eric Vishria. “Benchling comes in at the best time to overload the incredible work that scientists are doing and help the world to make breakthrough discoveries in a fraction of the time. Sajith and his team have identified a critical need for better life science software, and their opportunities will only continue to grow as this field begins. “That’s right.
With this new round of funding, Benchling plans to accelerate product development and continue to expand its team, which has recently added the talents of Kaiser Mulla-Feroze as Chief Marketing Officer, who spent a decade at Salesforce before heading marketing to Totango; and Sam Partovi, former Sales Vice President at Medidata Solutions, where he played a key role in scaling up the business. In addition, the company will focus on expanding its customer base, which includes enterprise companies and some of the world’s most renowned research laboratories at universities such as Harvard, MIT, UC Berkeley and Stanford.
On the Benchling
Benchling is a leader in cloud computing for life science R&D The company offers a unified R&D platform for biologics, including solutions for Lab Notebook, Molecular Biology, Bioregistration, Sample Tracking, and Request & Workflow Management. Benchling is used globally by more than 100,000 scientists across multinational pharmaceutical corporations, emerging biotechnology companies, and major research institutions. Visit http://www for more information. Bankling Come on,
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