Cloud-based research and development platform Benchling announced Wednesday that it raised $200 million in fresh financing. Following the latest raise, the unicorn has hit a whopping $4 billion valuation, according to Forbes.
The Series E, led by Sequoia, will be used to aggressively invest in product development as the San Francisco-based company looks to expand globally.
Benchling’s platform helps scientists and researchers manage massive experimental data sets. The company’s suite of applications can be used to help design DNA, automate data capture and manage workflows. Since the company’s applications exist in the cloud, they can easily aid in collaborative research efforts as well.
“Recent breakthroughs in biology have the potential to transform the world in the same way that computing and the internet did. We are relying on scientists to rewrite the medicines we take, the food we eat, and the fuels that power our lives,” Patrick Fu, managing partner at Sequoia, said in a statement.
Benchling launched in 2012 and serves more than 300,000 scientists and 1,000 R&D organizations around the world, according to the company. Among them are biotechnology company Sana, which works to engineer cells that can repair and control genes.
“This is complex, interdisciplinary work where each scientist needs to capture, store and analyze immense amounts of data,” Steve Harr, co-founder and CEO of Sana, said in a statement. “Benchling has critical technology that enables [our] global R&D teams to focus on developing our platforms and pipeline.”
Earlier this year, Benchling announced that it had doubled its annual recurring revenue for the fourth year in a row.
“This past year has proven the impact biotechnology can have on the world. It’s been thrilling to see our customers at the center of developing everything from life-saving therapeutics for COVID-19 to more sustainable products for our planet,” Sajith Wickramasekara, co-founder and CEO of Benchling, said in a statement.
The company plans to aggressively hire following the latest raise. Dozens of positions are now available across the company’s finance, product, HR and sales teams, to name a few. A majority of roles are available on the company’s engineering team.
Benchling has raised nearly $312 million in venture capital financing to date, according to Crunchbase.