Series E Financing Round Brings Leading R&D Cloud Platform’s Valuation to $4 Billion
Benchling, a leading life sciences R&D cloud platform company, has hit a $4 billion valuation after recently raising $200 million in series E funding, led by Sequoia Capital Global Equities in conjunction with Altimeter Capital, Byers Capital and Elad Gil. The new financing brings the company's total funding to approximately $350 million, placing Benchling even closer to an initial public offering.
Last year alone, Benchling’s revenue exceeded $50 million, double what was reported in the previous year. Even amid the COVID-19 pandemic in 2020, Benchling raised $50 million in series D financing to support the development of advanced product capabilities and to expand its international presence.
Financing was led by Alkeon and joined by Spark Capital, Lux Capital and ICONIQ Partners, and existing investors Benchmark and Thrive Capital. The company also planned to use the financing gained in 2020 to increase the adoption of its cloud platform across several leading R&D organizations.
Benchling launched in 2012, and since its entrance into the life sciences scene, over 300,000 scientists and 1,000 R&D organizations have used the company's cloud platform to manage large and complex investigational datasets. Up to 450 companies worldwide have utilized the Benchling cloud platform to track, quantify and predict research initiatives.
Customers of Benchling include Gilead Sciences, Sanofi, Regeneron Pharmaceuticals and Corteva Agrisciences, among others who use the cloud application to design DNA, streamline experiment collaboration initiatives, automate data capture and manage R&D workflows.
Sana Biotechnology, one of Benchling’s customers, works to engineer genes and cells to create new treatments with curative potential. "This is complex, interdisciplinary work where each scientist needs to capture, store and analyze immense amounts of data,” said Sana Co-Founder and Chief Executive Officer Steve Harr in a statement. “Benchling has critical technology that enables Sana's global R&D teams to focus on developing our platforms and pipeline, building the right automation, designing the right experiments and finding the insights that reside within our data."
Benchling said in January that its annual recurring revenue doubled for the fourth year in a row, corresponding with the addition of over 150 new customers in industries across medicine, food, materials, agriculture, energy and Consumer Packaged Goods.
Additionally, some companies are using Benchling in their processes to deliver COVID-19 antibody treatments rapidly. Last year, the company launched several initiatives to support the COVID-19 response, including offering its platform pro bono for COVID-19 testing and research. Among the organizations that adopted the platform under this initiative included the Quantitative Biosciences Institute at UCSF, UC Davis and Corteva Agriscience.
"This past year has proven the impact biotechnology can have on the world. It's been thrilling to see our customers at the center of developing everything from life-saving therapeutics for COVID-19 to more sustainable products for our planet," said Sajith Wickramasekara, Benchling’s CEO and Co-Founder. "This funding will enable us to provide more products, solutions and services that scientists around the world ultimately need to solve some of humanity's greatest challenges."