Cloud-based life sciences R&D platform Benchling that helps biology researchers and R&D organizations has announced securing $34.5 million in its Series C round led by Menlo Ventures. The funding round was joined by new investors Lead Edge Capital and Y Combinator Continuity with existing backers, Benchmark and Thrive Capital also joining the round. Prior to this round, the company had raised Series B round worth $14.5 million led by Benchmark. The current infusion takes the total sum raised by the company to $61.9 million.
Founded in 2012 by Ashutosh Singhal, Cory Li, and Sajith Wickramasekara, Benchling was started as an electronic records management system in order to help the researchers get rid of notebooks to store details. The company's software product is used by more than 17,000 scientists. Benchling counts notable names like Beam Therapeutics, Regeneron Pharmaceuticals, Zoetis and Zymergen among its paying customers.
Wickramasekara talking about the firm said, “Benchling was created for today’s researchers who are working on cutting-edge science, allowing them to focus on achieving the next breakthrough outcomes. The next generation of scientists is already on Benchling and at the forefront of establishing the future of the life science and biotech industries.”
Talking on how the firm plans to use the latest financing, Wickramasekara said, “We’ll use this investment to support deeper engagements with large commercial customers and bring the power of the cloud to tackle the complexity of biotech.”
Menlo Ventures partner Matt Murphy talking about the investment in the firm said, “Benchling‘s software replaces pen and paper workflows and becomes the system of record for a wide range of biotech and pharma R&D projects from medicine and cancer treatment to plant-based meat and sustainable materials.”