Benchling has successfully raised $112.8 million over eight funding rounds, achieving a valuation of $6.1 billion. The platform is designed to support the rapid pace of scientific advancements by providing better technology for biotechnology research and development.
Keep reading to explore the intricacies of Benchling's fundraising journey and the investors backing this innovative platform.
What Is Benchling?
Benchling, founded by Ashutosh Singhal and Sajith, is a biotechnology company focused on unlocking the power of biotechnology through its R&D Cloud platform. The company, based in San Francisco, provides tools for planning, recording, and sharing experiments, as well as modeling and tracking scientific data.
With a mission to accelerate research and development in the biotech industry, Benchling's platform supports the development of medicines, crops, and household goods. The company has grown significantly since its inception, now employing between 501 and 1000 people.
Benchling's innovative solutions include digitizing lab work, automating workflows, and using AI to increase productivity. The platform is designed to be flexible and scalable, integrating seamlessly with other tools and data sources to meet the specific needs of scientific research teams.
How Much Funding Has Benchling Raised?
- Pre-Seed
- Amount Raised: $900,000
- Date: February 2014
- Lead Investors: Y Combinator
- Motivation Behind the Round: Initial funding to develop the platform.
- Series A
- Amount Raised: $5,000,000
- Date: April 2015
- Lead Investors: Thrive Capital
- Motivation Behind the Round: To expand product offerings and appeal to commercial research labs.
- Unknown Round
- Amount Raised: $7,000,000
- Date: October 2016
- Lead Investors: Thrive Capital
- Motivation Behind the Round: To continue creating tools to help the science community access research from big pharma and other leaders in the space.
- Series B
- Amount Raised: $14,500,000
- Date: June 2018
- Lead Investors: Benchmark
- Motivation Behind the Round: To boost life sciences R&D and expand the company's reach in the market.
- Series C
- Amount Raised: $34,500,000
- Date: July 2019
- Lead Investors: Menlo Ventures
- Motivation Behind the Round: The funds will be used to grow globally, extend Benchling's product lead, and expand commercial relationships to enable faster biotech innovations.
- Series D
- Amount Raised: $50,000,000
- Date: May 2020
- Lead Investors: Alkeon Capital
- Motivation Behind the Round: To ensure financial stability amid economic uncertainty and to expand the company's product portfolio and international operations.
- Series F
- Date: October 2021
- Valuation at Round: $6.1B
- Motivation Behind the Round: To further scale the platform and support the growing demand for biotech research tools.
Total Amount Raised: $111,900,000. Current Valuation: $6.1 billion.
Key Investors
- Y Combinator
- Details: Y Combinator is a startup accelerator that has funded over 2,000 startups. It is known for its intensive three-month programs that help startups refine their pitches and business models.
- Investment Focus Areas: Biotechnology, software, healthcare, consumer products.
- Notable Investments: Dropbox, Airbnb, Stripe.
- Benchmark
- Details: Benchmark is a venture capital firm that focuses on early-stage investments. The firm is known for its hands-on approach and strong network in the tech industry.
- Investment Focus Areas: Technology, media, software.
- Notable Investments: Uber, Twitter, Snapchat.
- Thrive Capital
- Details: Thrive Capital is a venture capital firm founded by Joshua Kushner. The firm focuses on internet and software investments, aiming to support transformative technology companies.
- Investment Focus Areas: Internet, software, technology.
- Notable Investments: Instagram, Stripe, GitHub.
- Menlo Ventures
- Details: Menlo Ventures is a venture capital firm that invests in technology and healthcare sectors. The firm has a history of backing companies that drive innovation in their respective fields.
- Investment Focus Areas: Technology, healthcare, consumer services.
- Notable Investments: Uber, Roku, Benchling.
- Alkeon Capital
- Details: Alkeon Capital is a growth-stage investment firm that focuses on technology companies. The firm is known for its long-term investment approach and deep industry expertise.
- Investment Focus Areas: Technology, growth-stage companies, innovation.
- Notable Investments: Facebook, Spotify.
What's Next for Benchling?
Benchling stands at the cusp of significant opportunities, driven by the growing demand for advanced biotech R&D tools. The company is poised to expand its product portfolio, particularly in chemistry, and increase its international footprint, especially in Europe. With its software already used by nearly 350 companies, Benchling is well-positioned to capitalize on the biotech industry's shift towards digital and cloud-based solutions.
Future fundraising efforts are likely as Benchling continues to scale. The company has already raised substantial funds, including a recent $50 million round, and may seek additional investments to support its ambitious growth plans. However, challenges such as maintaining financial stability, ensuring data security, and competing with other digital solutions in the biotech space could pose hurdles. Despite these challenges, Benchling's innovative approach and strong market position suggest a promising future.
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