After collecting $300 million across two venture capital rounds last year, R&D cloud software developer Benchling is starting to spend some of that cash by making its first acquisition.
The company claimed Overwatch Research, a Northern Ireland-based startup that provides end-to-end software for managing preclinical in vivo studies.
The deal, completed for an undisclosed amount, aims to fill the remaining gaps in Benchling’s offerings for researchers focused on the early stages of drug development. It allows the company to provide one cloud-based data system that will span discovery work up to in-human studies.
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The buyout will also help Benchling establish a deeper foothold in European markets. Both Benchling and Overwatch hope to replace paper research notebooks or even manually operated computer spreadsheets.
“Many of our biopharma and CRO customers are looking for a comprehensive offering that brings together Benchling’s bioanalytical capabilities with Overwatch’s in vivo study management, and we look forward to Overwatch addressing that growing demand,” Benchling co-founder and CEO Sajith Wickramasekara said in a statement.
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After first entering European, Middle Eastern and African markets just over one year ago with a location in Zurich, Benchling said it now counts more than 120 customers in the region including Alchemab Therapeutics, AviadoBio, Cutiss, Wellcome Sanger Institute’s Tree of Life program, Selexis and Syngenta.
Last year, Benchling raised $200 million through a series E round followed by a $100 million series F just over six months later. In between the two raises, the company launched research solutions aimed at early drug development as well as programs designed for RNA-based therapeutics.