Overwatch Research Acquisition, Valuation, Funding & Investors

Overwatch Research was acquired by Benchling for $585M in February 2022.

Overwatch Research acquisition price

$585M

Acquired by Benchling · Feb 2022

Cumulative funding Overwatch Research raised

$4M

across 1 funding round

Key investors in Overwatch Research

  • SV Angel
  • Frontline Ventures
  • Techstart Ventures
  • Zach Weinberg
  • Declan Kelly
  • Michael Polansky
  • Robert Fenton

Overwatch Research Overview

About Overwatch Research

Overwatch Research is a developer of experimental tracking software tailored for VivoQuant users in preclinical research. The platform streamlines data management, reduces manual errors, and facilitates lab collaboration for animal model studies. Headquartered in the United States, it targets biomedical researchers conducting physiological and imaging experiments.


Founded

2017

HQ

United KingdomBelfast

Status

Acquired

Customer focus

B2B

Revenue model

Licensing

Valuation

$585M (acquired Feb 2022)

Overwatch Research Acquisition

Overwatch Research was acquired by Benchling for $585M on 24 February 2022.

Before the acquisition Overwatch Research had raised $4M across 1 funding round.

Benchling, a San Francisco-based R&D Cloud provider for biotechnology, acquired Overwatch Research, a Belfast-based startup founded in 2017, on February 24, 2022. Overwatch develops configurable, end-to-end software for in vivo study management and execution, addressing the preclinical reproducibility crisis by reducing scientist errors in drug research through digital tools that replace manual notebooks and spreadsheets. The acquisition integrates Overwatch's capabilities into Benchling's platform, creating the industry's first comprehensive cloud-native in vivo solution to accelerate early drug development and time-to-clinic for biopharma and CRO customers. The deal, valued at up to $585 million and funded partly by Benchling's $300 million in 2021 venture capital, enhances Benchling's Early Development offerings and expands its European presence via Overwatch's Belfast team. Overwatch had secured multi-million-pound export deals with clients like Blueprint Medicines and The Institute of Cancer Research in London, plus 20 U.S. biotech deals, 15 in Europe, and a five-year license with a top-10 pharma prior to the acquisition. Benchling reported triple-digit YoY revenue growth in its fiscal quarter ending October 2021.

Overwatch Research acquisition details
AcquirerDateTypePrice
24 Feb 2022Strategic M&A$585M

Overwatch Research Funding History

Overwatch Research has raised a total of $4M across 1 funding round.

Overwatch Research funding rounds

Overwatch Research funding rounds
DateStageInvestorsRaisedDeal Summary
Oct 2021SeedFrontline Ventures (lead); SV Angel; Robert Fenton; Declan Kelly; Techstart Ventures; Michael Polansky; Zach Weinberg$4MOverwatch Research, founded in 2017 by CEO Chris Armstrong in Belfast, UK, develops workflow software for preclinical research in healthcare, including an all-in-one experimental tracking tool for vivo research to address the reproducibility crisis and support the 3Rs principles. The software manages data collection, task tracking, and clinical trial processes in labs, with an interface similar to project management tools like Trello. It targets biotech, pharma companies, and drugmakers to improve experimental reproducibility. On October 18-19, 2021, Overwatch Research raised a $3.5 million seed round led by Frontline Ventures, with participation from SV Angel, Techstart Ventures, and angels including Declan Kelly, Michael Polansky (CEO of The Parker Group and Co-founder of Parker Institute for Cancer Immunology), Zach Weinberg (Co-founder of Flatiron Health), and Robert Fenton (CEO of Qualio). This followed a prior $800k pre-seed round, bringing total funding to $4.27 million. Proceeds will expand U.S. presence and deploy the software into more labs and drugmakers’ hands. At the time, Overwatch had closed 20 deals with U.S. biotech companies and 15 in Europe, plus one five-year license with a top-10 pharma company, and was in talks with three other major pharmaceutical companies.

Who has invested in Overwatch Research?

7 investors have backed Overwatch Research across its funding rounds, including SV Angel, Frontline Ventures, Techstart Ventures, Zach Weinberg, Declan Kelly and Michael Polansky.

Lead investors include Frontline Ventures.


Overwatch Research Investors

Investors in Overwatch Research by funding rounds participated
InvestorHQRoundsRoleFirst check
SV AngelUnited StatesSan Francisco, CA1ParticipantOct 2021
Robert FentonUnited StatesSan Francisco, CA1ParticipantOct 2021
Declan KellyGermanyBerlin1ParticipantOct 2021
Techstart VenturesUnited KingdomBelfast1ParticipantOct 2021
Michael PolanskyUnited StatesUnited States1ParticipantOct 2021

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Overwatch Research Competitors

Overwatch Research competitors include listed companies like Dian Diagnostics Group, Integral Diagnostics and Assure Tech, and private ones like DNAnexus, Hazel Health and SkyCell.

Public and private companies comparable to Overwatch Research
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Dian Diagnostics GroupChinaChinaPublicly listed$1.5B$127M$1.7B1.4x
DNAnexusUnited StatesSan Francisco, CAPrivate--$600M-
Integral DiagnosticsAustraliaAustraliaPublicly listed$561M$99M$616M1.8x
Hazel HealthUnited StatesSan Francisco, CAPrivate--$554M-
SkyCellSwitzerlandZurichPrivate--$635M-
Assure TechChinaChinaPublicly listed$67M$18M$537M-

Overwatch Research Public Comps

Overwatch Research is no longer listed, but its public comps include Fulgent Genetics, Integral Diagnostics, Assure Tech, Veradigm, Bayzed Health Group, Diagnósticos da América, Jiangsu Bioperfectus, 908 Devices, Yidu Tech and SOPHiA Genetics.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Fulgent Genetics$323M($77M)1.1x1.1x(4.5x)(6.2x)
Integral Diagnostics$561M$99M1.8x1.8x10.2x8.4x
Assure Tech$67M$18M4.8x-17.9x-
Veradigm$588M$54M0.9x0.9x9.8x6.8x
Bayzed Health Group$167M$18M3.0x-28.4x-
Diagnósticos da América$2.2B$346M0.9x1.0x5.6x4.9x
Jiangsu Bioperfectus$51M$4M5.7x-74.3x-
908 Devices$56M($33M)6.4x5.5x(10.8x)(48.4x)

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Common questions about Overwatch Research

When was Overwatch Research founded?Overwatch Research was founded in 2017.
Where is Overwatch Research headquartered?Overwatch Research is headquartered in Belfast, United Kingdom.
Is Overwatch Research publicly listed?No, Overwatch Research was acquired by Benchling in February 2022.
Who acquired Overwatch Research?Overwatch Research was acquired by Benchling in February 2022.
How much was Overwatch Research acquired for?Overwatch Research was acquired for $585M in February 2022.
How much funding has Overwatch Research raised?Overwatch Research has raised $4M across 1 funding round.
What was Overwatch Research's last funding round?Overwatch Research's last funding round was a $4M seed round in October 2021, led by Frontline Ventures.
Who are Overwatch Research's investors?Overwatch Research's investors include SV Angel, Robert Fenton, Declan Kelly, Techstart Ventures, Michael Polansky, Frontline Ventures and Zach Weinberg.
Which companies are comparable to Overwatch Research?Companies comparable to Overwatch Research include Dian Diagnostics Group, DNAnexus, Integral Diagnostics, Hazel Health, SkyCell and Assure Tech.

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