Academics from all over the world use Benchling’s software for life sciences R&D. The company has now managed to raise $34.5 million in Series C round of funding.
The new round of funding was led by Menlo Ventures. New investors Lead Edge Capital and Y Combinator Continuity joined the round along with returning investors Benchmark and Thrive Capital. Benchling aims to utilize its fresh investment to expand internationally. Further, the investment will help the company extend its product lead and explore more commercial partnerships.
Matt Murphy, Partner at Menlo Ventures said in a statement: “Biologics are the future of life sciences and the faster that innovation gets to market, the more society benefits. 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.”
Benchling was founded in 2012 and since then it has steadily grown into being the most widely adopted life sciences R&D cloud software in the world. Over 170,000 scientists worldwide use Benchling’s services. The company has most recently tripled its revenue and customers. These recent times have seen the company win over one hundred new industry and institutional clients.