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BREAKING NEWS
Source: Thailand Startup News  Jul 25, 2019

Software For Managing Biotech R&D Secures US$34.5 million Funding

Software For Managing Biotech R&D Secures US$34.5 million Funding
Source: Thailand Startup News  Jul 25, 2019
In the Biotech R and D industry, despite so much data that is being churned, there is no proper manner to properly managed all that data to date and the typical laboratory notebook still plays a role despite being in a digitized age.



Its little wonder that financiers saw the opportunities and the market potential when a startup entity like Benchling showcased their software product  for managing life sciences research inorder to seek financing.  Y Combinator Continuity, Thrive Capital and Benchmark Lead Edge Capital joined lead investor Menlo Ventures in financing the company to the total tune of  US$34.5 million. Considering how much detailed technical work goes into the research that produces all of our great leaps forward in biotechnology, it’s a wonder that the practice wasn’t digitized sooner.

Benchling’s technology is a new twist on what’s now a standard verticalized software as a service for a niche industry.


Screenshot of benchling Software

Matt Murphy, senior partner at Menlo Ventures commented in an exclusive interview with Thailand Startup News, “Life science R&D has become incredibly complex across molecules, processes, and data structures. And until Benchling came along, there had been no end to end purpose-built SaaS application to enhance, streamline, and drive collaboration across R&D processes. Biologics are the future of life sciences and the faster that innovation gets to market, the more community and countries benefit. Benchling‘s software replaces traditional workflows and becomes the system of record for a wide range of biotech, ,medical and pharma R&D projects from genomics  and cancer treatments repurposing drugs and developing sustainable materials.”


Screenshot of benchling Software

The  software by Benching is used by more than 182,000 researchers and scientists around the world in academic labs at John Hopkins, Columbia, Harvard MIT and Berkeley, according to the Benchling. Its paying customers includes a varierty of Pharma Companies including  Beam Therapeutics, Amgen,Merck,Regeneron Pharmaceuticals, Zoetis and Zymergen.
Initially Benchling started out with free software for researchers to replace traditional notebooks with an electronic records management system and a digital model of molecules that could be collaboratively updated by a team of researchers. Subsequently, the company added project management, cross-project visibility and real-time views of development progress for business customers along with a host of other features and add ons.

Sajith Wickramasekara , CEO at Benching commented in an exlusive interview with Thailand Startup News,”Benchling was created for modern 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. We will establish deeper engagements with large commercial customers and bring the power of the cloud to tackle the complexity of biotech.”

The company said that it was delighted with the funding and that it would use the money to grow internationally and develop new products and services.
 
For more info on Benchling, visit: https://www.benchling.com/