Biotech Platform Benchling Raises $14.5 Million

Benchling, a data management and collaboration platform built to advance life sciences research, closed $14.5 million in Series B funding led by Benchmark, with participation from F-Prime Capital, a global venture capital firm associated with Fidelity Investments, and returning investor Thrive Capital. Benchmark General Partner Eric Vishria is also joining the company’s board of directors.

Since its last funding round in 2016, 100,000 scientists across enterprises and academia standardize on Benchling’s R&D platform, including pharmaceutical and biotech customers Regeneron Pharmaceuticals, Incyte, Editas Medicine, Agenus, Zymergen, and Obsidian Therapeutics.

According to the company, the new funding comes as the company’s ARR skyrocketed 500% and its customer base tripled year-over-year. Benchling plans to use the funds to accelerate product development and continue growing its team.