Toronto, Canada, Jan. 24, 2022 (GLOBE NEWSWIRE) — BenchSci, a global leader in machine learning applications for new drug development, today announced a $63 million Series C funding round ( US$50 million) led by Inovia Capital and TCV, with participation from existing investors.
Bringing the total investment to $123 million (US$97 million), the funding enables BenchSci to accelerate the expansion of its transformative AI-powered software platform that accelerates research in 16 of the 20 most major pharmaceutical companies and more than 4,500 leading research centers around the world.
Built on more than 100 proprietary machine learning models, BenchSci’s platform enables 49,000 scientists around the world to optimize their experimental designs and therefore research productivity. Building on the success of applications that help scientists select reagents and model systems, BenchSci is evolving its technology to provide a comprehensive platform with capabilities that help leading pharmaceutical companies solve their toughest R&D challenges. .
“This funding demonstrates confidence in our ability to create and deliver a next-generation AI solution that helps global pharmaceutical companies develop new drugs faster,” said Liran Belenzon, CEO of BenchSci. “We are using breakthrough machine learning technology to shape the future. how life science companies conduct their research, from identifying targets to planning experiments to determining the risks of clinical trials. The confidence demonstrated by global pharmaceutical companies that have embraced our new solutions was enough to convince Inovia Capital to fund another round and incentivize TCV to support our meteoric hypergrowth.”
In previous funding rounds, BenchSci has raised $60 million (US$47 million) from top-tier investors including F-Prime, Gradient Ventures (Google’s AI fund), and Inovia Capital. In 2021, BenchSci doubled its industry team and user base and is on track to double again in 2022.
“We believe that the preclinical R&D market remains largely untapped and that BenchSci can become a category-defining leader to bring lifesaving drugs to market faster,” said Dennis Kavelman, Partner at Inovia. “Double down on a company we believe in is part of our commitment to be a long-term partner in building sustainable global technology businesses.
BenchSci’s proprietary machine learning models, trained to understand experiments like a Ph.D. Scientific: Extract essential information from published scientific data sources and internal databases of pharmaceutical organizations. The models understand the biomedical significance of the extracted data and establish relationships between biological entities. This technology is the basis of all BenchSci applications, which present the right information and knowledge to help scientists from the world’s largest pharmaceutical companies at different stages of R&D.
“The preclinical research market urgently needs software to improve the efficiency of the discovery through development process,” said Matt Brennan, general partner at TCV. “BenchSci is well positioned to be the go-to technology platform for the industry, and we look forward to working with Liran and his team to transform this industry.”
Founded in 2015, BenchSci has rapidly expanded its customer base since its commercial launch in 2017. As a Deloitte Tech Fast 50 company, it is one of the fastest growing companies in the country.
For more BenchSci updates, visit our news page.
About Inovia Capital
Inovia Capital is a venture capital firm that partners with bold founders ready to build sustainable global technology companies. We’re known for rolling up our sleeves and serving founders with long-term, dedicated mentorship, a global talent network, and global strategic support. Inovia Capital manages over US$1.9 billion in seed and growth funds and has offices in Montreal, Toronto, Calgary, San Francisco and London.
About TCV
Founded in 1995, TCV was created with a clear vision: to seize technology market opportunities with a specialized and consistent focus on investing in high-growth companies. Since its inception, the company has built a reputation for successfully supporting public and private companies that have become dominant industry players in internet, software, FinTech and enterprise computing. TCV has invested more than $16 billion to date and helped guide CEOs through more than 145 IPOs and strategic acquisitions. TCV has invested in leading technology companies including Airbnb, Believe, Brex, Dream Sports, FarEye, Mollie, Nubank, Razorpay, RELEX Solutions, Revolut, RMS, Sportradar, Spotify, Trade Republic, The Pracuj Group and Zepz. TCV has successfully completed over 350 investments of various structures, including mid-stage, late-stage and public company investments, and has offices in Menlo Park, New York and London. For more information about TCV, including a full list of TCV investments, visit https://www.tcv.com/.
About BenchSci
BenchSci’s vision is to bring new medicines to patients 50% faster by 2025. We achieve this by equipping scientists with the world’s most advanced biomedical artificial intelligence. Backed by leading investors including Inovia Capital, TCV, F-Prime, Gradient Ventures (Google’s AI fund), and Golden Ventures, our platform is accelerating science at 16 of the top 20 pharma companies and over 4,500 leading research centers in the world. We’re a top Deloitte Tech Fast 50 and CIX Top 10 Growth remote company, Great Place to Work® certified, and the highest-ranked company on Glassdoor. Learn more at www.benchsci.com.
For more information, please contact Marie Cook at [email protected].
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BenchSci raises $63M Series C
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