The Series F round brings Benchling's total funding to $412M. Here are the top-line bullets you need to know.
Benchling, an informatics platform for life sciences R&D, has raised $100M in a Series F round. The round drew participation from Altimeter Capital, Tiger Global Management, Franklin Templeton, and Lone Pine Capital, among others.
HOW’S THE COMPANY PERFORMING?
- California-based Benchling helps pharma & biotech firms and research institutions design and streamline experiments, automate data capture, and manage R&D workflows.
- The company posted triple-digit year-over-year (YoY) revenue growth and a 70% YoY increase in customer count in its last fiscal quarter.
- The company’s platform is being used by over 600 companies worldwide, including Regeneron, Mammoth Biosciences, Syngenta, Gilead, Sanofi, and Corteva Agriscience.
- Benchling reported that more than 200K scientists and 7K academic and R&D organizations have used its cloud platform to manage massive complex datasets.
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 attracted significant investments from major IT players, such as Microsoft, Amazon, and IBM.
- The rising demand for integrated data and nucleic acid & protein sequencing as well as the institution of public and private drug discovery & development initiatives have contributed to market growth.