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
[email protected]
978-463-2575

Ellie Javadi
Norwest Venture Partners
[email protected]
650-289-2227

 

How Can My Lab Make More Money?

March 4, 2014 | Posted by Brianne Villano in Lab Admin Tools |

Some of the Science Exchange team recently went to AAAS – the American Association for the Advancement of Science. While there, I went to several sessions that talked about the composition of research teams and the dedication they have to have applying for grant after grant, and often times not hearing back for months at a time, only to then see those months of hopes dashed when they are denied funding.

The NIH reports that the average research grant success rate for fiscal year 2012 was 18%.  Read the rest of this entry »

Science Exchange providers featured in Cell article!

July 23, 2012 | Posted by Elizabeth in Science Exchange News |


We are really excited to see Cell mention Science Exchange in it’s latest issue “Science for Sale: Academic Meets Industry”. It’s great to see Cell recognize how academic research is evolving and provide concrete examples of how innovative scientists can use marketplaces like Science Exchange to establish collaborations, access specialist expertise, and create unique funding opportunities for their own research.

In particular, we are thrilled that both scientists featured in the article are providers at Science Exchange! This means you can easily access their specialist expertise from their Science Exchange facility pages (info below): Read the rest of this entry »

The Emergence of Private Foundations in Science

May 13, 2012 | Posted by Piper in Research |

The majority of scientific funding in the United States has traditionally come from government agencies and funding bodies.  Organizations such as the NIH, NSF, DOE, and DOD have provided a bulk of the funding, and continue to provide support for universities and lab groups.

And yet, much of government funding comes with red tape attached that is difficult for lab groups to control. Agencies often require a body of preliminary results before funding, and other times require a project to have translational applications beyond basic science. Only a select set of science verticals and projects even have funding available, given the incentive structures in government to fund popular areas or projects with immediate impact. And with federal budget cuts straining available scientific resources, the problem is only compounded.

It is in this culture that private foundations have taken up some of the slack and are increasingly funding basic science.  Projects without preliminary results, or otherwise considered high risk, are now finding a place amidst a growing volume of private foundations.  Profiled below are four such foundations: the Keck Foundation, Thiel Foundation, Research Corporation for Scientific Advancement, and The Kavli Foundation.

Read the rest of this entry »

Guest post: Funding new discoveries with Petridish.org!

March 25, 2012 | Posted by Guest in Research |

This is a guest post by Matt Salzberg, Founder of Petridish.org (full bio below).

If you’re a scientist, you know that funding is becoming harder and harder to find. Traditional sources of funding, such as grants from the National Science Foundation or the National Institute of Health are time intensive, restrictive and slow.  And application success rates have fallen.

That’s why we created Petridish.org – a new tool to help scientists fund worthy projects in need. Petridish is an online community of scientists and everyday science-lovers that allows researchers to connect with private donors interested in their work.

In other fields like art, film, charity and microfinance, we have seen this method of fundraising, known as “crowdfunding,” drive a revolution in the way projects are funded.  Enabled by the mass reach of the internet, projects in these fields have raised hundreds of millions of dollars by pooling the contributions of many to make a large impact. Many of the most notable examples in other fields are sites such as Kiva.org, Donorschoose.org and Kickstarter.com.  In fact, most recently, Kickstarter made headlines when one video game project on their site raised over $2 million from the “crowd.”

So why shouldn’t scientists have a dedicated community too?  The goal of Petridish.org is to provide a platform and community where scientists can promote research, educate and engage the public, and raise money all at once.  Meanwhile, science enthusiasts can donate to projects and be a part of exciting new discoveries.

Read the rest of this entry »

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