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BenchSci Raises $63 Million in Series C Financing Round
BenchSci, a specialist in machine learning applications for novel medicine development, has completed a Series C financing round.
BenchSci, a specialist in machine learning applications for novel medicine development, has completed a Series C financing round, raising C$63 million (US $50 million), it was announced in a Jan. 24, 2022 press release.
The funding round was led by Inovia Capital and TCV, along with participation from existing investors. With this latest funding, the total amount of investments for BenchSci has reached C$123 million (US $97 million), which the company will use to advance the expansion of its transformative artificial intelligence (AI) powered software platform.
“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,” said Liran Belenzon, CEO, BenchSci, in the press release. “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,” added Dennis Kavelman, partner at Inovia, in the press release. “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,” said Matt Brennan, general partner at TCV, in the press release. “BenchSci is well-positioned to be the category-defining technology platform for the industry, and we look forward to working with [the] team to transform this industry.”
Source: BenchSci
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