The R&D platform gains financial legs.
As outsourced R&D grows, so has Science Exchange, which is a platform for outsourced research. The company announced it has raised $28 million in Series C funding. The C series round was led by Norwest Venture Partners and included participation from Collaborative Fund, Maverick Capital and Union Square Ventures.
Preceded by $25 million in Series B funding in March, Science Exchange has raised a total of $58 million since its inception; financing in response to the “global growth in outsourced R&D services,” said the company.
“In the last decade, outsourcing of R&D has become a core strategy for improving efficiency and providing access to innovation for top companies globally. Forty percent of R&D spend is now outsourced and this trend continues to grow,” explained Science Exchange CEO Elizabeth Iorns, Ph.D., the company’s co-founder and research scientist.
Science Exchange operates off of a network of more than 2,500 qualified service providers, including contract research organizations, contract manufacturers, academic institutions and government agencies. “Thousands of scientists have used the platform to support their pursuit of breakthrough scientific discoveries, including those from 10 of the top 20 biopharma companies,” the announcement noted.
The Series C funding will be used to expand its services beyond biopharma and into other industries that depend on research, such as agriculture, cosmetics and chemicals. Part of the Series C agreement also includes the appointment of life sciences veteran Casper de Clercq, General Partner at Norwest, to the board. “Science Exchange has developed an outsourcing platform that is enjoying tremendous momentum as many of the world’s largest pharma and biotech companies have signed up,” said de Clercq, “They are well-positioned as the leader in a large and expanding market. We are excited to help Science Exchange become the world’s largest platform for outsourced R&D.”