Within3, a collaboration and communication service for the biotech and pharma industries, has raised over $100 million in new financing, the company said.
The investment came from Insight Partners with participation from Silversmith Capital Partners.
Most of the top 20 pharmaceutical companies already use the Lakewood, Ohio-based company's service to publish clinical studies, host advisory boards and collaborate with researchers and other participants in the drug development process, according to a statement from the company.
Within3 said it would use the new funding to continue its product development and build additional capacity to support its growth.
“Investment opportunities in companies like Within3 don’t come around very often,” said Deven Parekh, managing director at Insight Partners, in a statement. “The company has seen explosive growth over the last 12 quarters and continues to break new records each month... At a time when collaboration, communication and cooperation is more critical than ever across the global life sciences ecosystem, we are excited to bring our strategic operations expertise to help Within3 scale.”
Parekh, and Insight Partners’ managing directors Adam Berger and Ross Devor, will join Within3’s board as a result of the financing.
The COVID-19 pandemic has pushed an increasing number of companies in a variety of industries to pursue virtual collaboration tools, and the pharmaceutical and biotech business is no different.
Indeed, given the regulatory requirements, it makes sense that a bespoke toolkit designed around the industry's more robust needs would raise a heaping amount of cash.
Within3 boasts of users in more than 150 countries.
“Global demand for our solution is surging at an unprecedented rate,” said Lance Hill, CEO of Within3, in a statement. “Life science companies are looking for virtual work solutions that exceed the level of engagement of traditional live interactions, meets all their compliance needs, and that will scale across the enterprise. They have found that solution with Within3.”