Benchling

Benchling builds cloud software for life sciences research and development: electronic lab notebooks, molecular biology and registry tools, LIMS, bioprocess and automation products, and AI features that let scientists organize experimental data and workflows in one system. The company was founded in 2012 by researchers who had worked in academic labs, and Sajith Wickramasekara is co-founder and CEO. It is headquartered in San Francisco and says more than 1,300 organizations use the platform, spanning biopharma, agriculture, materials and industrial biotech.

Andreessen Horowitz led Benchling's first institutional financing. In October 2016 the company announced a $7 million round led by Thrive Capital, with Andreessen Horowitz participating and angels including Errik Anderson and Ashton Kutcher; a Form D filed that month reported $7.0 million sold. In June 2018 Benchmark led a $14.5 million Series B with F-Prime Capital and Thrive, and Eric Vishria joined the board. Menlo Ventures led a $34.5 million Series C in July 2019 with Lead Edge Capital, Y Combinator Continuity, Benchmark and Thrive. Alkeon Capital led a $50 million Series D in May 2020, joined by Spark Capital, Lux Capital and ICONIQ. In April 2021 Sequoia Capital Global Equities led a $200 million Series E with Altimeter Capital, Byers Capital and Elad Gil. In November 2021 Franklin Templeton and Altimeter co-led a $100 million Series F at a $6.1 billion valuation, with Tiger Global and Lone Pine Capital joining.

Benchling remains private. At the Series F the company reported triple-digit revenue growth, a 169 percent dollar-based net expansion rate, 70 percent year-over-year growth in customer count, and use by over 600 companies including 22 of the 50 largest biopharma companies. Earlier releases cited 500 percent ARR growth in 2018 and a doubling of ARR for four straight years by early 2021. It has added in vivo study software through its acquisition of Overwatch Research and has expanded into Europe.

For venture investors, Benchling traces a full private-market ladder: a seed-stage lead in Andreessen Horowitz, early-stage leads in Thrive, Benchmark and Menlo, then growth and crossover capital from Alkeon, Sequoia Capital Global Equities, Altimeter and Franklin Templeton. Its 2021 rounds were priced near the peak of software valuations, and nearly fourteen years after founding the company has not had an IPO or sale.