Benchling, the life sciences R&D cloud platform, announced it closed USD 34.5 million in Series C funding led by Menlo Ventures with new investors Lead Edge Capital and Y Combinator Continuity as well as returning investors Benchmark and Thrive Capital, the company said.
This round comes after the company recently tripled revenue and customers, winning over one hundred new industry and institutional clients since closing its Series B a year ago. The company will use the investment to grow globally, extend its product lead and expand commercial relationships to enable breakthrough biotech innovations faster than ever before.
Scientists and R&D organizations have embraced the platform. Benchling has achieved a 90 percent user adoption rate while legacy platforms typically languish unused. In the last 12 months, Benchling has also seen 130% revenue growth in existing customers, as clients expand and deepen their relationship with the platform.
Benchling is the first R&D cloud platform powering the life science industry and helping the next generation of scientists make breakthrough discoveries faster than ever before. Replacing outdated pen and paper processes, Benchling offers unified R&D solutions purpose-built for biotech, including Notebook, Molecular Biology, Registry, Inventory, and Request & Workflow Management. For more information, visit https://www.benchling.com.