Machine learning applications provider BenchSci has completed a $63 million Series C funding round to help it expand its AI-powered software platform.
BenchSci’s platform has been designed to help pharmaceutical companies accelerate their research through the use of machine learning models. The platform helps scientists optimise their experiment design and improve productivity. The platform initially included applications to help scientists select reagents and model systems, and now BenchSci is evolving its technology with more capabilities so pharmaceutical companies can solve their biggest R&D challenges.
BenchSci’s machine learning models are able to extract critical insights from scientific data and pharmaceutical organisations' internal databases. The models understand the biomedical significance of extracted data and establish relationships between biological entities.
The funding round, led by Inovia Capital and TCV, with participation from existing investors, brings the total investment to $123 million.
“This funding demonstrates trust in our ability to build and deliver a next-generation AI solution that helps global pharmaceutical companies develop novel medicines faster, ” says Liran Belenzon, CEO, BenchSci. “We're using breakthrough machine learning technology to shape the future of how life science companies conduct research, from identifying targets, to planning experiments, to determining clinical trial risks. The confidence demonstrated by global pharmaceutical companies who are early adopters of our new solutions was enough to convince Inovia Capital to fund another round and prompt TCV to back our meteoric hypergrowth. ”
“We strongly believe that the preclinical R&D market remains largely untapped, and that BenchSci can become a category-defining leader to bring life-saving drugs to market faster,’’ says Dennis Kavelman, partner at Inovia. ‘’Doubling down on a company that we believe in is part of our commitment to being a long-term partner to build global sustainable tech companies.’’
“The preclinical research market is in dire need of software to drive efficiencies in the discovery through development process,” says Matt Brennan, general partner at TCV. “BenchSci is well-positioned to be the category-defining technology platform for the industry, and we look forward to working with Liran and his team to transform this industry.”