Benchling attained unicorn status at a $4B valuation amid its IPO preparations. Here are the top-line bullets you need to know.
Benchling, a biotech research & development (R&D) cloud platform, has raised $200M in Series E funding. The round was led by Sequoia Capital Global Equities along with participation from Altimeter Capital, Byers Capital, Spark Capital, and others.
How’s the company performing?
- San Francisco-based Benchling offers a cloud-based R&D platform for life sciences and biotechnology, enabling scientists to track findings and collaborate in one place.
- Benchling’s revenue exceeded $50M in 2020 – twice what it reported in 2019. The company’s annual recurring revenue (ARR) has doubled for the fourth consecutive year.
- The company caters to over 150 enterprises, 300,000 scientists, and 1,000 R&D organizations in industries across medicine, agriculture, materials, food, consumer packaged goods, and energy.
- The company reported that since last year, companies such as Quantitative Biosciences Institute at UCSF, UC Davis, and Corteva Agriscience have been utilizing its processes to deliver several Covid-19 antibody treatments.
- In January 2021, Benchling launched the “Validated Cloud,” a solution that bridges the gap between research and development, helping life science companies “prepare their data findings and research proposals for regulatory approval.”
- Benchling has expanded its presence to Switzerland and currently caters to approximately 450 companies, including Gilead Sciences, Sanofi, and Regeneron Pharmaceuticals, among others.
Why does the market matter?
- The bioinformatics market is projected to grow at a CAGR of 13.4% to reach a value of $24.7B by 2027, according to Allied Market Research.
- The promising state of the bioinformatics market has pulled significant investment from major IT players like Microsoft, Amazon, and IBM.
- The increasing need for tools and frameworks in biotech for data management, data extraction, and other bioinformatics applications is fueling the growth of the market.