BenchSci’s
Evolution
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BenchSci is Founded
The founders officially incorporate after meeting at the University of Toronto.
First Seed Round
On November 7, 2016, we raised our first seed round of $1.65 million Canadian. We followed this with another seed raise of $1.1 million Canadian on May 26, 2017. Our seed investors were Golden Ventures, Real Ventures, Afore Capital, and Radical Ventures.
Beta launch of the platform
Official launch of the BenchSci platform
Our original platform focused on surfacing data about antibodies is launched to the market for both pharmaceutical and academic researchers.
First SaaS Contract
On November 8, 2017, we closed our first SaaS contract for $10,000 per year. It would grow to multiple millions.
Series A: $13M
On April 5, 2018, we closed our Series A for $8 million US ($13M). We followed this with a $5 million US Series A-2 on December 13, 2018. Our lead investors were Google, through Gradient Ventures, and Inovia Capital. Google’s investment helped us earn widespread media coverage, including an interview with cofounder Tom Leung on TV.
First Enterprise Contract
Series B: $22M
On December 6, 2019, we closed our Series B for $22 million US. We followed this with a $10 million US Series B-2 on February 12, 2021. F-Prime Capital became an investor, joining Inovia Capital as co-leads of the round.
Launch of AI-Assisted Reagent Selection application app (now called Selector)
Antibodies constitute just 40-50% of reagent failures so building on the success of our original antibody platform, we expanded its capabilities to include a range of reagents including recombinant proteins, RNAi, Cell lines, CRISPR, and animal models.
Launch of Project Butterfly (the future ASCEND platform)
It all started with a cup of coffee in 2019. In partnership with Amgen, we started to imagine the future capabilities of the technology behind AI-Assisted Reagent Selection application, and launched an ambitious two year plan to build three additional apps with our partners to revolutionize preclinical R&D.
Series C: $50M
On December 7, 2021, we closed our Series C for $50 million US, valuing the company at $500 million US post-money. We also had our first secondary offering for equity holders. TCV joined as an investor, co-leading the round with Inovia Capital. F-Prime Capital and Golden Ventures also participated.
ASCEND launches
The platform we have today with Selector, Navigator, Architect, and Risk Defender.
