PALO ALTO, Calif.--(BUSINESS WIRE)--Science Exchange, the world’s leading SaaS-enabled marketplace for outsourced research and development (R&D), has announced it recently raised an additional $20 million in financing, from a combination of equity and debt sources. Maverick Ventures and Norwest Venture Partners led the financing. Other investors that participated include Union Square Ventures, Collaborative Fund, Windham Ventures, and OATV as well as Silicon Valley Bank. Science Exchange plans to use the funding to further develop its industry-leading software platform, and expand its footprint in the biotech and pharmaceutical space, where it has over 100 enterprise customers.
“We’re thrilled to have the continued support of prestigious investors like Norwest, Maverick, and USV. Their ongoing support, guidance, and funding will help us grow our business at a pivotal time in the evolution of R&D outsourcing,” commented Science Exchange CEO Elizabeth Iorns, Ph.D., a research scientist who co-founded the company. “The investor confidence shown by this additional capital confirms our business strategy and potential for continued growth.”
“Since Norwest first invested in Science Exchange in 2017, the company has seen tremendous growth and is well-positioned in the large, expanding outsourced R&D market,” commented Science Exchange Board Director Casper de Clercq, also a General Partner at Norwest Venture Partners. “Many of the world's largest pharma and biotech companies now use the company's marketplace and software to manage their outsourced R&D spend, and accelerate their R&D programs. We are excited about the transformative effect Science Exchange has on accelerating preclinical research.”
Science Exchange provides scientists at enterprise R&D companies with immediate access to over 3,000 scientific service providers including top CROs, CMOs, and academic laboratories. Mark Currie, Ph.D., President and CSO of Cyclerion Therapeutics, is an enterprise client of Science Exchange. “We appreciate the power of the Science Exchange platform to enhance our productivity and lower costs, while maintaining levels of quality and compliance that reduce risks and allow us to be a nimble biotech,” said Currie.
About Science Exchange
Founded in 2011 in response to the global growth in R&D services, Science Exchange solves the challenges of outsourcing R&D by removing barriers in the outsourcing process – providing companies with instant access to a network of pre-qualified service providers, as well as contracting, project management and reporting tools. The Science Exchange platform increases scientists' access to innovation and improves productivity, freeing them up from the administrative tasks and delays associated with sourcing, establishing and managing service provider contracts. Additionally, the Science Exchange enterprise program enables organizations to consolidate R&D outsourcing spend into a single strategic relationship, driving efficiency and cost savings. Since 2011, Science Exchange has raised more than $70 million from Norwest Venture Partners, Maverick Ventures, Union Square Ventures, Collaborative Fund, Windham Ventures, OATV, the YC Continuity Fund, and others. For more information, visit http://www.scienceexchange.com. Follow the company on Twitter @ScienceExchange.