Science Exchange, a Palo Alto, Calif.-based SaaS-enabled marketplace for outsourced research and development (R&D), raised an additional $20m in financing, from a combination of equity and debt sources.
The round was led by Maverick Ventures and Norwest Venture Partners with participation from Union Square Ventures, Collaborative Fund, Windham Ventures, and OATV as well as Silicon Valley Bank.
The company intends to use the funds to further develop its software platform, and expand its presence in the biotech and pharmaceutical space, where it has over 100 enterprise customers.
Founded in 2011 by CEO Elizabeth Iorns, Ph.D., Science Exchange provides scientists at enterprise R&D companies with access to over 3,000 scientific service providers including top CROs, CMOs, and academic laboratories.
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 enterprise program enables organizations to consolidate R&D outsourcing spend into a single strategic relationship.