- Science Exchange, a leading SaaS-enabled marketplace for outsourced research and development, announced it raised $20 million in funding
Science Exchange — a leading SaaS-enabled marketplace for outsourced research and development (R&D) — announced that it recently raised an additional $20 million in funding from a combination of equity and debt sources.
Maverick Ventures and Norwest Venture Partners led the financing. And other investors that participated include Union Square Ventures, Collaborative Fund, Windham Ventures, OATV, and Silicon Valley Bank.
“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,” said 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.”
With this round of funding, Science Exchange is planning to further develop its industry-leading software platform and expand its footprint in the biotech and pharmaceutical space where it has more than 100 enterprise customers.
“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,” added Science Exchange Board Director Casper de Clercq — who is 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 is known for providing 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,” commented Currie.
