What You Should Know:
Biotech R&D platform Benchling raises $100M at a $6B valuation, co-led by Franklin Templeton and Altimeter Capital to expand product development and global footprint, particularly in EMEA.
More than 200,000 scientists at over 600 companies and 7,000 research institutions globally have adopted Benchling’s R&D Cloud to make breakthrough discoveries and bring the next generation of medicines, food, and materials to market faster than ever before. The R&D Cloud helps these organizations modernize their scientific processes and accelerate collaboration so they can convert the complexity of biology into world-changing results.
Benchling, a San Francisco, CA-based life and sciences R&D cloud platform raises $100M in Series F funding at a $6B valuation, co-led by new investor Franklin Templeton and existing investor Altimeter Capital, and joined by new investors Tiger Global and Lone Pine Capital, as well as existing investors.
Accelerate Innovation on the Life Sciences R&D Cloud
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Benchling’s growth is fueled by the rapid rise of biotechnology, one of the world’s fastest-growing industries. McKinsey estimates that over 60% of inputs to the global economy can be biologically produced, representing the potential for $2 to $4 trillion per year of direct economic impact over the next two decades across pharmaceuticals, agriculture, food, industrial fuels and materials, and consumer packaged goods. Modern R&D holds the key to unleashing biotechnology’s potential to radically transform our world — scientists must be empowered to discover and develop the next generation of medicines and biologically derived products, and ultimately get them to market faster than ever before.
Founded in 2012, Benchling is helping the next generation of scientists make breakthrough discoveries faster than ever before. Replacing outdated pen and paper processes, Benchling offers unified R&D solutions purpose-built for biotech, including Notebook, Molecular Biology, Registry, Inventory, and Request & Workflow Management.
Recent Traction/Milestones
As biotechnology companies come under increased pressure to deliver breakthroughs, they are turning to modern software to digitize all their scientific processes and centralize their data. Customer demand for Benchling’s R&D Cloud has surged and the company recorded triple-digit year-over-year revenue growth in its most recent fiscal quarter, with a 70% increase in year-over-year customer count. Expansion within existing accounts also contributed significantly to Benchling’s growth, resulting in a 169% dollar-based net expansion rate — among the highest in the software industry.
Since announcing its Series E raise in April, Benchling has introduced new capabilities and solutions, including support for Early Development and RNA therapeutics. The company also hired Salesforce executive Lindsey Irvine as Chief Marketing Officer. In just one year since entering the EMEA market, Benchling has reached over 90 customers in Europe, including Cutiss AG, Sanofi, Selexis SA, and Syngenta, and has grown its European team to over 60 people. Benchling will use the funding to continue investing in product development and global expansion, particularly its presence in EMEA.
“Biotechnology is rewriting life as we know it. Our customers, spanning nearly every major industry, are engineering more effective medicines, nutritious foods, and sustainable crops, materials, and fuels to address humanity’s most pressing challenges,” said Sajith Wickramasekara, CEO and co-founder of Benchling. “These challenges are global and so are our customers. With this new investment, we’ll continue growing our teams and customer base in the U.S. and Europe. We’ll also keep broadening our platform’s capabilities to support our customers’ full product lifecycle, from research through to development and manufacturing.”
Source: Hitconsultant
