Assay Depot Raises $1.7M to Expand Online Commerce for Biotech Industry
Assay Depot, a five-year-old startup that provides online e-commerce platforms for contract researchers serving the life sciences industry, says it has raised $1.7 million from private investors. The company launched a public marketplace in 2008 that automates the process of hiring a contract research organization, a job that can take a principal investigator days or even weeks to work out.
Based near San Diego in Solana Beach, CA, Assay Depot also provides a number of private marketplaces (also known as Contract Research Exchanges, or CRXs) and an online “back office” where vendors can respond to work requests and manage orders. The company says it has taken the best features from Amazon, Yelp, and Facebook to build a Web 2.0 platform for the pharmaceutical industry.
Assay Depot says the additional funding from unnamed individual investors will be used to expand its cloud-based pharmaceutical research platform. In a statement, CEO Kevin Lustig says, “Our mission is to empower scientists by giving them two capabilities: the ability to custom create and purchase any research service, and the ability to communicate with experts in any research area.”
As I reported in late 2009, Asset Depot initially raised $1.8 million from friends, family, and individual investors, including Jack Giarraputo, a Hollywood film producer.