US-based research and development services marketplace Science Exchange has received $20m in debt and equity financing from a consortium including OATV, media company O’Reilly’s corporate venturing unit.
The round was co-led by venture capital firms Maverick Ventures and Norwest Venture Partners (NVP) and also featured Union Square Ventures (USV), Collaborative Fund, Windham Ventures and Silicon Valley Bank (SVB).
Founded in 2011, Science Exchange runs an online network of R&D services providers that can fulfil specific functions for businesses looking to outsource part of the technology development process.
The funding will go to expanding Science Exchange’s presence in the pharmaceutical and biotechnology sector, where it has amassed some 100 clients. It also plans to further improve its core platform.
The latest round boosted the company’s overall financing to $78m, and it comes in the wake of a $29m series C in mid-2017 that was led by NVP and backed by USV, Maverick Capital and Collaborative Fund.
Maverick Capital led Science Exchange’s $25m series B round in 2016, which included OATV, Windham Venture Partners, USV, Collaborative Fund, Y Combinator Continuity Fund, Index Ventures, Fenwick & West and SVB.
OATV had already joined USV and assorted angel investors in a $3m seed round for the company that closed three years earlier.
