The company provides flexible laboratory infrastructure and resourcing solutions and welcomed the participation to the funding round from ArrowMark Partners, Winslow Capital Management, and Conversion Venture Capital (CVC2).
The company said the Series C financing marks the ‘beginning of the next chapter in the advancement and optimization’ of its laboratory solution portfolio and follows several important strategic milestones.
This includes the appointment of industry veteran Brian Taylor as interim CEO earlier this month, and the launch of its new San Francisco-based CleanSuites offering and most advanced research center to date in August 2023 – positioning the company for sustained growth moving forward.
“This new round of financing underscores the confidence of our existing investors in SmartLabs’ unique lab infrastructure and resourcing solutions, validating the potential of our innovative model for the industry,” said Taylor.
“The financing will help us expand the boundaries of SmartLabs’ integrated operational model, and enhance our ability to deliver innovative, cost and capitally efficient solutions to accelerate scientific development and innovation across the biopharma industry. I’m excited about the opportunities ahead as we redefine the landscape of laboratory solutions and unlock unparalleled value for our customers.”
The company said it has observed that today’s biopharma landscape has ushered in a rise in diverse, novel therapies with the potential to address a multitude of complex and devastating diseases. It said realizing this promise ‘requires the ability to scale and adapt in ways that match the unprecedented pace and diversity of modern science’.
SmartLabs said there is a continued tightened funding market and growing competition, so the solutions also need to reduce risk and be capitally efficient to offer companies needed runway to meet important milestones.
The company delivers fully resourced lab environments at enterprise-scale that offer multifunctional research and development spaces, vivariums, process development and pilot-scale suites, and cGMP capacity under one roof on both the East and West Coasts.
This allows companies of all stages and sizes to launch, scale, and shift as programs and projects evolve. By co-locating R&D infrastructure and resources with manufacturing solutions, SmartLabs facilitates unprecedented collaboration and access between all players in the R&D and manufacturing space. Clients can accelerate timelines while controlling their own science, saving 6-24 months in scale-up time and up to 95% in upfront capital expenditures, compared to traditional options.
Clayton Freeman, portfolio manager at ArrowMark Partners, said: “SmartLabs is pioneering nimble and capitally efficient laboratory and manufacturing resourcing solutions with the power to meet the ever-changing needs of scientific development.
“We’re thrilled to support them in this mission and look forward to their next phase of growth. We're fully committed and wholeheartedly believe in SmartLabs' revolutionary solutions for the life sciences industry. The collective support from other investors is a testament to our shared enthusiasm, providing SmartLabs the tools they need to evolve in this dynamic market.”
The company’s integrated research centers offer dozens of programs accelerating the development of therapies across a wide spectrum of modalities, including cell therapies, gene therapies, and personalized medicine. The company says its flexible offerings ensure companies are better supported and resourced as they tackle today’s toughest scientific challenges.