Science Exchange, a US-based research and development services provider backed by publishing group O’Reilly Media, has received $29m in a series C round led by venture capital firm Norwest Venture Partners.
Union Square Ventures, Maverick Capital and Collaborative Fund also participated in the round, and Norwest general partner Casper de Clercq will join the company’s board of directors.
Science Exchange has built a platform that companies can use to outsource their R&D, making use of a 2,500-strong network of scientific service providers.
Proceeds from the round, which increased Science Exchange’s total funding to $58m since it was founded in 2011, will support an expansion of the company’s product, engineering, customer success, sales and marketing teams.
Science Exchange is also looking to expand from its core area of biopharmaceuticals to sectors such as agroscience, aerospace, cosmetics and industrial chemicals.
O’Reilly Media’s corporate venturing subsidiary O’Reilly Alpha Tech Ventures (OATV) took part in Science Exchange’s $3m series A round in 2013 alongside Union Square Ventures, which led the round, and various angel investors.
OATV returned for a $25m series B round in March 2016 that was led by Maverick Capital Ventures and backed by Union Square Ventures, Collaborative Fund, Y Combinator Continuity Fund, Index Ventures, Windham Venture Partners, Fenwick & West and Silicon Valley Bank.