Science Exchange Honored by Goldman Sachs for Entrepreneurship

October 19, 2017 | Posted by Team in Company, Events, Press Release, Science Exchange News |

Co-Founder and CEO Elizabeth Iorns Among 100 Most Intriguing Entrepreneurs at 2017 Builders + Innovators Summit

Palo Alto, CA – October 19, 2017 – Goldman Sachs (NYSE:GS) is recognizing Elizabeth Iorns, Ph.D., co-founder and CEO of Science Exchange as one of the 100 Most Intriguing Entrepreneurs of 2017 at its Builders + Innovators Summit in Santa Barbara, California.

Goldman Sachs selected Elizabeth as one of 100 entrepreneurs from multiple industries to be honored at the two-day event.

The life sciences research community has been transformed by Elizabeth’s ability to execute upon her vision to transform the procurement and delivery of outsourced R&D services. Thanks to her tenacity and drive, and her deep understanding of the need for improved R&D efficiency, Science Exchange is enabling breakthrough scientific discoveries by providing researchers with an online platform for efficient access to the world’s best outsourced R&D service providers.

“This is a tremendous honor and I’m excited to be recognized by Goldman Sachs along with these other inspiring entrepreneurs,” said Elizabeth Iorns, Ph.D., co-founder and CEO of Science Exchange.  “The work our team at Science Exchange has been doing in outsourced R&D is critical for driving scientific breakthroughs and innovation and I’m proud to lead the team in this charge.”

“We are pleased to recognize Elizabeth Iorns as one of the most intriguing entrepreneurs of 2017,” said David M. Solomon, President and Co-Chief Operating Officer at Goldman Sachs. “This is the sixth year that we’ve hosted the Builders + Innovators Summit where emerging business leaders gather to discuss their common interests in building prosperous organizations.”

For more than 145 years, Goldman Sachs has been advising and financing entrepreneurs as they launch and grow their businesses. In addition to honoring 100 entrepreneurs, the Summit consists of general sessions and clinics led by Goldman Sachs experts, seasoned entrepreneurs, academics and business leaders as well as resident scholars.

About Elizabeth Iorns

Elizabeth Iorns, Ph.D., is the CEO and Founder of Science Exchange. Elizabeth Iorns has transformed scientific research by radically improving the procurement and delivery of outsourced research and development (R&D) services. Elizabeth Iorns, Ph.D. (Institute of Cancer Research, London) was an Assistant Professor at University of Miami’s Miller School of Medicine, where she investigated breast cancer development and progression, before launching Science Exchange in 2011. Elizabeth’s work has been featured in multiple media outlets, and she regularly speaks at thought leadership events, such as the 2017 TechCrunch Disrupt event in San Francisco, 2017 Society for Laboratory Automation and Screening annual meeting and the 2016 MassBio CRO/CMO Symposium. Her recent honors include Nature’s “Ten People that Mattered,” WIRED’s “50 Women Who Are Changing The World,” and the “Kauffman Foundation Emerging Entrepreneur Award.” She is a finalist for 2017 Scrip Executive of the Year Award.

About Science Exchange
Science Exchange is the world’s leading and most secure platform for outsourced research, providing an efficient procure-to-pay platform for ordering 6,000+ services from a network of more than 2,500 qualified scientific service providers, all with pre-established contracts in place that protect client intellectual property and confidentiality. The platform increases access to innovation and improves productivity, freeing scientists from administrative tasks and delays associated with sourcing, establishing and managing service provider contracts. Additionally, the Science Exchange enterprise program enables large R&D organizations to consolidate research outsourcing spend into a single strategic relationship, driving efficiency, improving transparency and oversight, and delivering cost savings. Since being founded in 2011, Science Exchange has raised more than $58 million from Norwest Venture Partners, Maverick Capital Ventures, Union Square Ventures, Collaborative Fund, Index Ventures, OATV, the YC Continuity Fund, and others. For more information, visit www.ScienceExchange.com. Follow the company on Twitter @ScienceExchange.

Science Exchange Appoints Jim Emerich as Chief Financial Officer

September 29, 2017 | Posted by Team in Company, Press Release, Science Exchange News |

Veteran finance executive Emerich joins Science Exchange to help lead the company through next phase of growth

PALO ALTO, CA, SEPTEMBER 28, 2017 Science Exchange, the world’s leading and most secure platform for outsourced research and development (R&D), announced today it has appointed Jim Emerich as Chief Financial Officer (CFO).Science Exchange CFO Jim Emerich

In this role, Emerich will provide hands-on, metrics-driven financial leadership to help accelerate growth for the company. He will oversee and lead the budgeting and planning process, monitor and communicate progress of key business and financial objectives, and articulate the key drivers of cost and revenue.

“We are thrilled to welcome Jim to our management team. His track record of successfully navigating businesses through periods of financial growth speaks for itself,” said Elizabeth Iorns, Ph.D., co-founder and CEO of Science Exchange. “Science Exchange is in a period of rapid expansion, and Jim will play a key role as we take this business to the next level, helping us accelerate our profitability and guide our financial planning.”

Emerich brings more than 25 years of finance and operations experience to Science Exchange, with a history of boosting performance through fiscal analysis and strategy. Most recently, Emerich was the CFO of BrightEdge Technologies Inc. Previously, he served as CFO at Avangate Inc., Appiro Inc., and Mulesoft Inc. In addition, he has held executive finance roles at SalesForce.com, NotifyMe Networks, NBC Internet, Inc., LDM Technologies, Inc., and General Electric Plastics.

“I have been impressed with Science Exchange’s growth trajectory, the breadth of its service provider network, its client roster of the world’s top bio and pharma companies, and the strength of its current financial operations,” said Emerich.  “The company has proven indispensable to both researchers and R&D organizations, helping to drive both efficiency and access to innovation. I look forward to working with the team to help guide Science Exchange through this next phase of growth and development.”

 

Science Exchange Survey Reveals Pain Points of Outsourcing R&D

September 18, 2017 | Posted by Team in Company, Outsourcing Best Practices, Press Release |

Contract review, service provider qualification, and security of intellectual property among major concerns for biotech and pharma leaders surveyed at 2017 industry conferences

PALO ALTO, Calif.– More than 100 biotechnology and drug development leaders who responded to surveys conducted during industry conferences earlier this year reported a wide range of barriers to the outsourcing of research and development (R&D) services, including the contracts review process, intellectual property (IP) security concerns, and service provider qualification. The surveys were conducted by Science Exchange, the world’s leading and most secure platform for outsourced research and development (R&D), during the 2017 Biotechnology Innovation Organization (BIO) International Convention and 2017 Drug Industry Association (DIA) Global Annual Meeting.

More than 75 percent of Science Exchange survey respondents ranked the following concerns as barriers (a significant barrier or somewhat of a barrier) to the outsourcing of R&D services:

  • Having contracts reviewed and signed
  • Security of IP;
  • Identifying service providers with required expertise;
  • Qualifying service providers; and
  • Negotiating pricing.

Time management related to R&D outsourcing was also reported as having a significant impact on these R&D leaders, with over 40 percent of those responding to the survey indicating they spent more than 20 hours to onboard each new outsourcing partner, from the request for proposal process, through contracting and start of the project. Finally, further demonstrating the impact of the time spent on administrative tasks related to outsourcing, more than 75 percent of survey respondents reported that the “hassle” of bringing on a new partner has previously led them to choose an existing vendor rather than seek out a more qualified option.

“The results of this survey echo the same concerns we heard from the leading biotech and pharma companies who now rely on Science Exchange to help them efficiently manage their outsourced R&D services,” said Elizabeth Iorns, Ph.D., co-founder and CEO of Science Exchange. “In review of enterprise clients’ experiences, we find that our Science Exchange clients save thousands of work hours each year on procurement, business operations, contracting and legal resources, and administrative tasks related to outsourcing — time that can instead be spent in discovery. It’s gratifying to see that we’re able to fulfill our goal to support the scientific discovery process by removing barriers to innovation for our clients.”

See how your organization could streamline outsourced R&D through Science Exchange — request a demo of our platforms for enterprise clients.

Science Exchange Releases Latest Version of its Enterprise Dynamic Report Tool

September 11, 2017 | Posted by Team in Company, New Feature, Outsourcing Best Practices, Press Release, Science Exchange News |

Latest release gives enterprise clients access to real-time data to improve reporting and decision-making for outsourced R&D investments

Dynamic Report Tool

PALO ALTO CA, Sept. 11, 2017 – Demonstrating the company’s commitment to support its clients’ growth plans by optimizing data aggregation and business intelligence, Science Exchange, the world’s leading and most secure platform for outsourced research and development (R&D), recently released the latest version of its enterprise dynamic report tool. The tool enables Science Exchange’s enterprise clients, including some of the world’s top pharma and biotech companies, to perform real-time tracking of key performance indicators (KPIs) related to their outsourced R&D investments.

“The Science Exchange enterprise dynamic report gives me the ability to tease out diverse suppliers and export spend data. Our procurement management team has been thrilled with the report,” said Gregory Smith, Associate Director, Indirect R&D Procurement, Teva Pharmaceuticals Industries, Ltd.

This latest enterprise dynamic report update allows enterprise clients like Teva Pharmaceuticals Industries, Ltd., to:

  • Track spend, budget performance, and outsourcing efficiency in real time;
  • Gain visibility into service provider performance metrics; and
  • Better assess efficiency of outsourced R&D programs.

“With this dynamic reporting tool, our enterprise clients are able to gain a whole new understanding of category-specific purchasing behaviors within their organizations. R&D and procurement leaders can receive and proactively analyze – in real time – data and business intelligence that can help them quickly assess the performance and impact of their outsourced R&D programs, ” said Elizabeth Iorns, Ph.D., co-founder and CEO of Science Exchange. “Science Exchange helps our clients make data-driven business decisions, while at the same time giving researchers quick and secure access to more than 2,500 scientific service providers – allowing researchers to focus on innovation and discovery.”

Learn more about enterprise partnerships with Science Exchange, and request a demo of our private marketplaces for outsourced R&D:
www.scienceexchange.com/enterprise

 

Science Exchange Signs on as LabCentral Sponsor to Support Life Science Startups with Outsourced Services

August 30, 2017 | Posted by Team in Company, Press Release, Science Exchange News, Small Biotech Stories |

LabCentral Partners with Science Exchange

Cambridge-based LabCentral’s high-potential startups will now have access to the Science Exchange network of more than 2,500 qualified scientific service providers

PALO ALTO, Calif. and CAMBRIDGE, Mass. (August 30, 2017) – Biotech innovation hub LabCentral today announced that it has signed Science Exchange, the world’s leading and most secure platform for outsourced research and development (R&D), as a sponsor to support its life science and biotech resident startups. Companies within LabCentral’s shared workspaces are now able to order R&D services instantly via a customized Science Exchanged-powered marketplace, with access to more than 2,500 qualified scientific service providers.

“We’ve designed LabCentral as a supportive and nurturing environment designed to inspire interaction and collaboration, providing everything that early-stage companies need to thrive, moving their science forward faster, and cost-effectively,” said LabCentral Cofounder and President Johannes Fruehauf, M.D., Ph.D. , LabCentral. “We’re thrilled to have Science Exchange support our companies by offering instant access to their network of innovative service providers — it’s another way we can provide our startups the resources they need to accelerate their groundbreaking discoveries.”

LabCentral joins more than 30 enterprise clients that are using Science Exchange-powered marketplaces to manage their outsourced R&D. This partnership addresses the needs of LabCentral’s unique ecosystem, giving its startup network the same level of access to advanced scientific services that is enjoyed by Science Exchange’s established global pharmaceutical and biotechnology clients. With these new resources, early-stage companies will be able to continue to drive their discoveries forward.

A biotech innovation hub, LabCentral is a first-of-its-kind shared laboratory space designed as a launch-pad for high-potential life science and biotech startups. It offers fully permitted laboratory and office space for dozens of startups. LabCentral provides facility and administrative support, skilled laboratory personnel, and other critical services and support that early-stage companies need to begin laboratory operations on day one.

“The opportunity to partner with organizations like LabCentral is why we founded Science Exchange six years ago,” said Dr. Elizabeth Iorns, founder and CEO of Science Exchange. “We deliver efficient and secure access to thousands of qualified scientific service providers – removing significant barriers to innovation and helping companies bring important products to market faster.”

The Science Exchange marketplace will help LabCentral’s resident companies:

  • Gain immediate access to qualified service providers. Science Exchange offers a network of more than 2,500 service providers that have been qualified through a stringent, ISO 9001-certified evaluation process that includes metrics tied to performance on past projects.
  • Reduce administrative and regulatory review costs. Under the partnership, all service providers on the LabCentral-Science Exchange network are available under a single contract that protects intellectual property and confidentiality. Science Exchange’s in-house audit team also conducts inspections to ensure that contracted service providers possess necessary certifications, licenses, informed consent of subjects, and data security.
  • Save time and money. The LabCentral entrepreneurs and startups working on groundbreaking scientific discoveries will now be able to quickly request competitive bids through the Science Exchange platform and select the right partner to keep their projects on track. 

About LabCentral (www.labcentral.org; twitter @labcentral)

LabCentral is a first-of-its-kind shared laboratory workspace in the heart of the Kendall Square, Cambridge, biotech innovation hub. Designed as a launchpad for high-potential life-sciences and biotech startups, it offers everything startups need to begin laboratory operations on day one and move their science forward faster and more cost-efficiently. This includes: fully permitted laboratory and office space, first-class facility and administrative support, skilled laboratory personnel, a domain-relevant expert speaker series ‒ as well as the other critical services and support. A private, nonprofit institution, LabCentral’s first site opened in 2013, thanks to a capital grant from the Massachusetts Life Sciences Center, with support from its real-estate partner, MIT. Founding sponsors include Triumvirate Environmental and Johnson & Johnson Innovation.

 

Privacy Shield Certification Shows Our Commitment to Protecting Customer Data

July 20, 2017 | Posted by Team in Company, Outsourcing Best Practices, Press Release, Research, Science Exchange News |

Science Exchange First & Only R&D Outsourcing Platform to Receive EU-U.S. Privacy Shield Framework Certification

PALO ALTO CA, July 20, 2017 – Science Exchange today announced that it is the first and only R&D outsourcing platform to receive EU-U.S. Privacy Shield Framework certification from the U.S. Department of Commerce. This certification demonstrates the company’s commitment to the protection and privacy of sensitive data shared by its customers and scientific service providers on the Science Exchange platform.

Designed by the U.S. Department of Commerce, the European Commission and Swiss Administration, the EU-US Privacy Shield Framework provides companies with a method to conform to data protection requirements when transferring personal data from the European Union and Switzerland to the United States in support of transatlantic business. This new framework replaces the EU-U.S. Safe Harbor program.

“The privacy and security of data for scientific research is a top priority for our customers and service providers, and we saw this certification as an important step for Science Exchange, especially in light of recent cyberattacks that affected companies across the healthcare and biopharma industries,” said Elizabeth Iorns, Ph.D., co-founder and CEO of Science Exchange. “The thousands of companies that use the Science Exchange platform can be assured that we are committed to the protection of the personal and scientific data entrusted to us.”

To receive EU-U.S. Privacy Shield Framework certification, companies must commit to a range of data management requirements, including that they will:

  • Inform individuals about how their data is processed
  • Maintain data integrity and purpose limitation
  • Ensure accountability for data transferred to third parties
  • Review and certify that all requirements are met on an annual basis

In addition to being the only R&D outsourcing platform with EU-U.S. Privacy Shield Framework certification, Science Exchange is also SOC 2 compliant, which validates that the company meets standardized criteria for managing data privacy and security – a certification that is increasingly required by regulators and auditors. Science Exchange is also ISO 9001 certified, which recognizes that the company adheres to strict quality management principles and maintains a consistent quality assurance program.

For more details about the EU-U.S. Privacy Shield Framework, the certification process, or to view a list of participating companies, visit www.privacyshield.gov.

Read more about our certifications ensuring data security, quality management and privacy at www.scienceexchange.com/compliance.

 

Media contact:

Kerry Metzdorf
Big Swing Communications
978-463-2575
kerry@big-swing.com

Science Exchange Raises $28M in Series C Funding

June 29, 2017 | Posted by Team in Company, Press Release, Science Exchange News |
Science Exchange Team

The Science Exchange Team

Funding led by Norwest Venture Partners with participation from Union Square Ventures, Maverick Capital and Collaborative Fund

Palo Alto, CA – June 29, 2017 As further evidence of its position as the world’s leading platform for outsourced research and development (R&D), Science Exchange today announced it has raised $28 million in Series C funding. Founded in response to the global growth in outsourced R&D services, the company has raised more than $58 million since its inception in 2011. Norwest Venture Partners led the latest round with participation from existing investors Union Square Ventures, Maverick Capital, and Collaborative Fund.

“In the last decade, outsourcing of R&D has become a core strategy for improving efficiency and providing access to innovation for top companies globally. Forty percent of R&D spend is now outsourced and this trend continues to grow,” explained Science Exchange CEO Elizabeth Iorns, Ph.D., a research scientist who co-founded the company. “At the same time, businesses are challenged to manage their outsourced R&D. They need to track progress and provider performance across what could be hundreds of service provider relationships, impacting the cost, quality and timeliness of research projects. The Science Exchange platform solves this by removing barriers in the outsourcing process – providing companies with instant access to a network of pre-qualified service providers, as well as contracting, project management and reporting tools.”

As part of the Series C, Casper de Clercq, General Partner at Norwest and veteran of the life sciences industry with more than 20 years of commercialization and operating experience, will join the company’s board.

“Science Exchange has developed an outsourcing platform that is enjoying tremendous momentum as many of the world’s largest pharma and biotech companies have signed up,” said Casper de Clercq, General Partner at Norwest. “They are well-positioned as the leader in a large and expanding market. We are excited to help Science Exchange become the world’s largest platform for outsourced R&D.”

“We’re thrilled to be partnering with such prestigious investors to help us grow our business at such a critical time in the evolution of R&D outsourcing,” commented Iorns. “This investor confidence confirms our business strategy and potential for continued growth.”

Through the Science Exchange platform, researchers have easy and secure access to more than 2,500 of the world’s premier outsourced R&D service providers — qualified contract research organizations (CROs), contract manufacturers (CMOs), academic labs, and government facilities. Thousands of scientists have used the platform to support their pursuit of breakthrough scientific discoveries, including those from 10 of the top 20 biopharma companies. In fact, the company has grown its enterprise-wide strategic sourcing agreements with leading pharmaceutical companies by more than 2,000 percent since 2015.

Science Exchange plans to use the funding to continue its expansion beyond biopharma into other industries where scientists are faced with R&D outsourcing challenges – including agricultural science, cosmetics, aerospace and industrial chemicals. The company will strategically hire across product, engineering, sales, marketing, and customer success.

About Science Exchange
Science Exchange is the world’s leading platform for outsourced research, providing an efficient procure-to-pay platform for ordering services from a network of more than 2,500 qualified scientific service providers, all with pre-established contracts in place that protect client intellectual property and confidentiality. The 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 Science Exchange enterprise program enables organizations to consolidate research R&D outsourcing spend into a single strategic relationship, driving efficiency and cost savings. Since being founded in 2011, Science Exchange has raised more than $58 million from Norwest Venture Partners, Maverick Capital Ventures, Union Square Ventures, Collaborative Fund, Index Ventures, OATV, the YC Continuity Fund, and others. For more information, visit http://www.scienceexchange.com. Follow the company on Twitter @ScienceExchange.

About Norwest Venture Partners

Norwest Venture Partners is a leading Silicon-Valley based venture capital and growth equity investment firm managing more than $6 billion in capital. Since our inception, we have invested in more than 600 companies. The firm invests in early to late stage companies across a wide range of sectors with a focus on consumer, enterprise, and healthcare. We offer a deep network of connections, operating experience, and a wide range of impactful services to help CEOs and founders advance on their journey. Norwest has offices in Palo Alto and San Francisco, with subsidiaries in Mumbai and Bengaluru, India and Herzelia, Israel. For more information, please visit http://www.nvp.com. Follow Norwest on Twitter @NorwestVP.

# # #

Media Contacts

Kerry Metzdorf
Representing Science Exchange
kerry@big-swing.com
978-463-2575

Ellie Javadi
Norwest Venture Partners
ejavadi@nvp.com
650-289-2227

 

Alzheimer’s Drug Discovery Foundation and Science Exchange Launch ADDF ACCESS

June 9, 2017 | Posted by Team in Company, Drug Discovery, New Feature, Press Release, Research, Science Exchange News |

New “CRO Finder” Connects Scientists with Specialized Resources

by Cliff Culver, VP Strategy and GM, Science Exchange | www.scienceexchange.com

NEW YORK, June 7, 2017 — The Alzheimer’s Drug Discovery Foundation (ADDF), the only public charity solely focused on funding the development of drugs for Alzheimer’s, and Science Exchange today announced the launch of ADDF ACCESS, a first-of-its-kind online platform designed to match scientists working on central nervous system (CNS) diseases with a vetted network of contract research organizations (CROs).

ADDF ACCESS meets the unique needs of scientists in both academia and small biotech companies by combining the resources of Science Exchange, the world’s leading marketplace for outsourced research and development, with the Alzheimer’s drug discovery knowledge of the ADDF.

“Drug discovery requires a wide range of expertise, from medicinal chemistry and pharmacology to project management and regulatory affairs,” said Lauren Friedman, Ph.D., ADDF ACCESS program director. “Researchers don’t always have the interdisciplinary teams needed to develop a drug. We created the new ACCESS website with Science Exchange to connect researchers with high-quality CROs and provide guidance and resources to help successfully advance their drug programs.”

On ADDF ACCESS, scientists will find:

A network of CROs and consultants with CNS drug discovery expertise, vetted by the ADDF and Science Exchange
An expert concierge service to match scientists with the right CROs, solicit multiple competitive quotes, and manage projects
A library of educational resources, including a guide to CNS drug discovery and development
“Early-stage drug research is the engine that drives progress in treating Alzheimer’s and CNS diseases,” said Dr. Howard Fillit, M.D., executive director and chief science officer of the ADDF. “We are excited to provide a resource specifically designed to facilitate connections that fuel this engine. Every scientific discovery gets us closer to finding a treatment.”

“Eliminating the laborious, resource-intensive process of finding and negotiating with CROs and other service providers helps researchers focus on their important work, and that’s what Science Exchange is all about,” said Elizabeth Iorns, Ph.D., CEO and co-founder of Science Exchange. “We are thrilled to partner with the ADDF on this new ACCESS website that will give scientists specializing in CNS diseases the tools and services they need to bring important, potentially life-saving drugs to market faster.”

To learn more, visit https://www.alzdiscovery.org/addf-access

About the Alzheimer’s Drug Discovery Foundation (ADDF)
Founded in 1998 by Leonard A. and Ronald S. Lauder, the Alzheimer’s Drug Discovery Foundation (ADDF) is dedicated to rapidly accelerating the discovery of drugs to prevent, treat and cure Alzheimer’s disease. The ADDF is the only public charity solely focused on funding the development of drugs for Alzheimer’s, employing a venture philanthropy model to support research in academia and the biotech industry. Through the generosity of its donors, the ADDF has awarded over $100 million to fund more than 500 Alzheimer’s drug discovery programs and clinical trials in 18 countries. To learn more, please visit: http://www.alzdiscovery.org/.

About Science Exchange
Science Exchange is the world’s leading marketplace for outsourced research. Science Exchange provides an efficient procure-to-pay platform for ordering services from the world’s largest network of scientific service providers. Through Science Exchange, clients gain access to over 2,400 qualified service providers, all with pre-established contracts in place that protect client intellectual property and confidentiality. This increases scientists access to innovation and significantly improves their productivity because they are freed up from the administrative tasks and delays associated with sourcing, establishing and managing service provider contracts. At an organizational level, the Science Exchange enterprise program enables organizations to consolidate the long tail of research outsourcing spend into a single strategic relationship driving significant efficiency and cost savings. To date, Science Exchange has raised over $30 million from Maverick Capital Ventures, Union Square Ventures, Index Ventures, OATV, the YC Continuity Fund, and others. For more information, visit www.scienceexchange.com.

SOURCE Alzheimer’s Drug Discovery Foundation

Related Links

http://www.alzdiscovery.org

Y Combinator launches Science Exchange-powered marketplace to support its companies’ research and development

April 5, 2017 | Posted by Diana Truong in Company, Press Release, Science Exchange News |

MOUNTAIN VIEW, CA, USA, 5 March 2017–


Science Exchange, the world’s leading marketplace for outsourced research and development, today announced a strategic partnership with Y Combinator (YC). YC-backed companies will now have exclusive access to the Science Exchange-powered YC marketplace, where they can instantly order experimental services from a network of over 2,500 qualified scientific service providers, all with pre-established contracts that protect companies’ IP and confidentiality.

YC, best known for its investments in tech giants including Airbnb, Dropbox, and Stripe, began investing in life sciences companies in 2014 as the need and opportunity to fund early stage companies in this space became increasingly apparent. The Science Exchange partnership addresses the unique needs of these R&D-focused companies, enabling them to compete on an equal footing with Science Exchange’s established global pharmaceutical and biotechnology clients by readily accessing the expertise and infrastructure housed in the Science Exchange network of service providers.

The Science Exchange marketplace will help YC companies:

  1. Expand access to qualified service providers.
    Life science and biotech entrepreneurs must balance the need to access new, innovative service providers with the time-consuming process required to vet each potential service provider for quality and capability. Science Exchange streamlines this process with a network of over 2,500 service providers that have been pre-qualified through a stringent, ISO 9001-certified evaluation process that includes metrics tied to performance on past projects. Science Exchange additionally supports researchers with an expert Sourcing Team that can recommend the best service providers for each scope of work, further minimizing the risks inherent in outsourcing.

  2. Eliminate administrative overhead.
    Each service provider relationship typically requires a standalone contract that may take months to negotiate and implement. Under the partnership, all service providers on the YC-Science Exchange network are available under a single contract that protects IP and confidentiality.
    Science Exchange also eliminates the need for YC-funded companies to conduct costly and time-consuming regulatory audits of service providers. Science Exchange’s in-house audit team conducts on-site inspections of service providers and facilities to ensure regulatory compliance, ensuring that contracted service providers possess necessary certifications, licenses, informed consent of subjects, and data security.

  3. Save money.
    The Science Exchange-powered YC marketplace enables companies to quickly identify cost-competitive options and provides access to special offers exclusive to YC-funded companies.

YC is the latest organization to choose to partner with Science Exchange, and joins over 30 enterprise clients using Science Exchange-powered marketplaces to manage their outsourced R&D.

“In the last decade, the landscape for biotech firms has changed dramatically,” said Michael Seibel, CEO of Y Combinator. “Bringing a drug to market, which once took millions of dollars and several years of work because of infrastructure costs involved in building a lab, can now happen in a fraction of the time and funding required because of the ability to outsource R&D. YC invested in Science Exchange years ago because we saw the promise of what they were doing to help companies innovate faster, get important products to market quickly, and reduce the friction inherent in starting a business. Now we are excited to offer these benefits to our companies who have brilliant ideas and are meeting urgent market demands, but need the administrative and cost barriers removed so they can focus on their innovations.”

“The Science Exchange platform solves the challenge of R&D outsourcing: we provide scientists with efficient access to a network of highly qualified service providers,” said Dr. Elizabeth Iorns, Founder & CEO of Science Exchange. “We believe, like Y Combinator, that key to advancing groundbreaking research is eliminating the barriers to innovation, and we are thrilled to help YC-funded companies bring potentially life-saving products to market faster.”


About Science Exchange
Science Exchange is the world’s leading marketplace for outsourced research. Science Exchange provides an efficient procure-to-pay platform for ordering services from the world’s largest network of scientific service providers. Through Science Exchange, clients gain access to over 2,500 qualified service providers, all with pre-established contracts in place that protect client intellectual property and confidentiality. This increases scientists access to innovation and significantly improves their productivity because they are freed up from the administrative tasks and delays associated with sourcing, establishing and managing service provider contracts. At an organizational level, the Science Exchange enterprise program enables organizations to consolidate the long tail of research outsourcing spend into a single strategic relationship driving significant efficiency and cost savings. To date, Science Exchange has raised over $30 million from Maverick Capital Ventures, Union Square Ventures, Index Ventures, OATV, the YC Continuity Fund, and others. For more information visit www.scienceexchange.com.

About Y Combinator
Y Combinator is a startup fund based in Mountain View, CA. In 2005, Y Combinator developed a new model of startup funding. Twice a year they invest a small amount of money in a large number of startups. The startups move to Silicon Valley for 3 months, and the YC partners work closely with each company to get them into the best possible shape and refine their pitch to investors. Each batch culminates in Demo Day, when the startups present their companies to a carefully selected audience of investors. Y Combinator has invested in over 1,464 companies including Airbnb, Dropbox, Stripe, Reddit, Instacart, Docker and Gusto. The combined valuation of YC companies is over $80B.

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