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- Overwatch Research
Overwatch Research Acquisition, Valuation, Funding & Investors
Overwatch Research was acquired by Benchling for $585M in February 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
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
Website
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.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 24 Feb 2022 | Strategic M&A | $585M |
Overwatch Research Funding History
Overwatch Research has raised a total of $4M across 1 funding round.
Overwatch Research funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Oct 2021 | Seed | Frontline Ventures (lead); SV Angel; Robert Fenton; Declan Kelly; Techstart Ventures; Michael Polansky; Zach Weinberg | $4M | Overwatch 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Participant | Oct 2021 | ||
| 1 | Participant | Oct 2021 | ||
| 1 | Participant | Oct 2021 | ||
| 1 | Participant | Oct 2021 | ||
| 1 | Participant | Oct 2021 | ||
This data is available for Pro users. Sign up to see all 7 Overwatch Research investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialOverwatch 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.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $1.5B | $127M | $1.7B | 1.4x | ||
| Private | - | - | $600M | - | ||
| Publicly listed | $561M | $99M | $616M | 1.8x | ||
| Private | - | - | $554M | - | ||
| Private | - | - | $635M | - | ||
| Publicly 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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $323M | ($77M) | 1.1x | 1.1x | (4.5x) | (6.2x) | |||
| $561M | $99M | 1.8x | 1.8x | 10.2x | 8.4x | |||
| $67M | $18M | 4.8x | - | 17.9x | - | |||
| $588M | $54M | 0.9x | 0.9x | 9.8x | 6.8x | |||
| $167M | $18M | 3.0x | - | 28.4x | - | |||
| $2.2B | $346M | 0.9x | 1.0x | 5.6x | 4.9x | |||
| $51M | $4M | 5.7x | - | 74.3x | - | |||
| $56M | ($33M) | 6.4x | 5.5x | (10.8x) | (48.4x) | |||
This data is available for Pro users. Sign up to see all Overwatch Research competitors and their valuation data. Start Free Trial | ||||||||
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. |
See companies similar to Overwatch Research
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