SmartLabs is a fast-growing science startup that rents flexible, customizable lab space to clients who can’t afford to buy their own property. The company recently raised new Series B funds to help scale the business and purchase additional properties to convert to laboratory space.
How SmartLabs works and effectiveness of the solution
Scientific startup SmartLabs enables a pharmaceutical or biotech company to rapidly accelerate the rate of product development and experimentation by offering fully equipped laboratories designed to meet the needs of a team. Instead of scientists having to wait years for a lab to be built or converted, the science startup allows a company to save money and speed up the development process.
What sets the company apart from similar rental services is the number of unique features and options that are available out of the box. SmartLabs provides spaces with research and development suites, nurseries, corporate offices and much more, depending on the location. As a result, a company could move a team of scientists and business partners to any SmartLabs location to work together seamlessly.
The science labs startup also provides a high level of flexibility to adapt to the needs of any business. The company offers laboratory spaces of different sizes and properties designed to adapt to specific practices and infrastructures. The company currently has five different properties: four in the greater Boston area and one in the Bay Area in California.
The ability to meet the laboratory space needs of several different customers has helped LabSpace see a significant increase in popularity. The new lab spaces being built have allowed the science lab startup to add more clients, especially in the drug development industry. At the same time, the company has effectively shown that it can help a business save money. Three-year clients have saved up to about 45% of projected costs through time saved and by eliminating property purchase or development expenses.
SmartLabs funding and plans for the future
In its Series B funding round, SmartLabs raised $ 250 million in equity. The funding round was led by ArrowMark Partners with participation from Winslow Capital Management, Onex Falcon, Conversion Venture Capital and Hill Capital.
The science lab startup will use the newly raised capital to expand current business operations by purchasing and developing new properties that will be converted into lab spaces. This will allow the company to take on more clients and generate an increase in annual revenue. In addition to this, the funding will help support the ongoing launch of SmartLabs OS 4.0, the operating system on which all company-owned laboratories run.
Commenting on the latest round of SmartLabs funding, Co-Founder and CEO Amrit Chaudhuri said: “This recent influx of funding further validates the SmartLabs approach – a total reinvention of a contract research organization bundling laboratory infrastructure and services. technology-enabled without sacrificing intellectual property. Since 2020, we have successfully raised $ 330 million, enabling SmartLabs to expand operations at a time when demand for lab space is increasing. By rapidly scaling our global platform for Outsourcing that incorporates the scientific and infrastructure resources needed for companies of various stages and sizes, we are changing the face of the drug discovery, preclinical and clinical development industries. “
