Science Exchange is an online marketplace of research services, enabling scientists to outsource their research and development to scientific institutions such as university facilities or commercial contract research organizations. In addition, Science Exchange maintains enterprise-level agreements with R&D-focused organizations, such as pharmaceutical companies, medical device developers, and cosmetics companies, to provide these companies with private marketplaces of research services to streamline procurement processes, investments and contracts for outsourced services. Science Exchange's enterprise clients include major drug and biotechnology companies, including Merck, Amgen, Gilead Sciences, and Genentech. The online science marketplace was founded in 2011 by Elizabeth Iorns, Ryan Abbott, and Dan Knox. The company is headquartered in Palo Alto, California, with additional offices in San Francisco, Boston, New Zealand, and Europe. Science Exchange took part in the startup accelerator program Y Combinatorin the summer of 2011.
History
In 2011, while an Assistant Professor at the University of Miami Miller School of Medicine, Iorns came up with the idea for Science Exchange after needing to conduct immunology experiments, but having difficulty finding potential collaborators or providers to work with. Iorns formed Science Exchange with Knox and Abbott, and the company applied for a place in the Y Combinator startup accelerator program. The company was accepted into the Summer 2011 batch of Y Combinator and launched the first version of its website in August 2011. In 2012 Iorns was recognized by the Kauffman Foundation for her role in starting Science Exchange.
Business model
Scientists can search, compare and request quotes from contract research organizations and other providers of contract services on Science Exchange’s online marketplace. Science Exchange vets the providers on their marketplace, contracts with them through a standardized agreement, and displays performance history and client ratings on the website. The researcher selects a bid, and Science Exchange facilitates communication, project management and payment via its platform. The company receives a service fee based on the value of the project. Science Exchange also sells its software for use as an e-commerce platform for service providers.
Projects
Reproducibility initiative
In August 2012 Science Exchange partnered with the open-access scientific publisher Public Library of Science to launch the Reproducibility Initiative, a program developed to assist researchers in validating their findings by repeating their experiments through independent laboratories. The program is facilitated by the Science Exchange platform, which matches scientists with experimental service providers according to areas of expertise. Iorns has been a longtime spokesperson on the issue of reproducibility in academic research. In 2013 Science Exchange partnered with the Center for Open Science to reproduce findings from widely cited published research in the field of cancer research. The goal of the study, called the Reproducibility Project: Cancer Biology, is to find common reasons explaining why aspects of experiments are hard to reproduce by independent laboratories. In January 2017, the first five replication studies of the Reproducibility Project: Cancer Biology were published. Three more RP:CB replication studies were published in June 2017.
Independent validation program
On 30 July 2013 Science Exchange launched a program with reagent supplier antibodies-online.com, based in Aachen, Germany, to independently validate research antibodies.
Investors
In June 2011, Science Exchange received a $100,000 investment from StartFunds' Yuri Milner, a $50,000 investment from angel investorRon Conway, and a $20,000 investment from Y Combinator as part of participating in the startup accelerator program. In December 2011 the company announced it had closed a $1.5-million seed financing round led by Andreessen Horowitz. In May 2013 the company closed a $4-million Series A financing round led by Union Square Ventures, Tim O'Reilly's O'Reilly AlphaTech Ventures and several leading angel investors including Esther Dyson, Joshua Schachter, Lisa Gansky and Yuri Milner. In March 2016 the company announced it had closed a $25-million Series B financing round led by Lee Ainslie's Maverick Capital. In June 2017 Science Exchange raised $28-million in Series C funding, led by Norwest Venture Partners. In October 2019, the company announced it had raised an additional $20 million in financing, from a combination of equity and debt sources. Maverick Ventures and Norwest Venture Partners led the financing.
