Funding profile · Life sciences R&D procurement software

Science Exchange

Five announced venture rounds between 2011 and 2019, a private equity buyout in 2024 at an undisclosed price, and not one Regulation D notice on file with the SEC.

$78.5MSum of the five announced rounds, 2011 to 2019
$70M+Total venture funding, company-stated, December 2021
0Form D notices on file with the SEC, checked Sep 23, 2026
$1BCumulative marketplace volume, company-stated, February 2026

Data as of September 22, 2026. Company-reported figures are labeled.

Rounds at a glance

When Round Amount Investors Source
Jun 2011 Accelerator and angel $170,000 Y Combinator $20,000; Yuri Milner’s Start Fund $100,000; Ron Conway $50,000 Press reports
Dec 2011 Seed $1.5M Led by Andreessen Horowitz Press reports
Apr 2013 Series A $4.0M reported; one contemporaneous headline said $3M Union Square Ventures, O’Reilly AlphaTech Ventures, Esther Dyson, Joshua Schachter, Lisa Gansky Sources disagree
Mar 2016 Series B $25.0M Led by Maverick Capital Ventures; Union Square Ventures, Index Ventures, OATV, Collaborative Fund, YC Continuity Fund, Sam Altman, Steve Case, Paul Buchheit Release + press
Jun 2017 Series C $28.0M Led by Norwest Venture Partners; Union Square Ventures, Maverick Capital, Collaborative Fund Forbes
Oct 2019 Equity and debt $20.0M Led by Maverick Ventures and Norwest; Union Square Ventures, Collaborative Fund, Windham Ventures, OATV, Silicon Valley Bank FinSMEs
Sep 30, 2024 Acquisition of the company Not disclosed Waud Capital Partners. Union Square Advisors advised the seller, Houlihan Lokey the buyer Independent
Mar 31, 2025 Add-on acquisition by the company Not disclosed HappiLabs, Chicago Company release

What the filings show

Science Exchange · no Form D of any kind · searched Sep 23, 2026

Registrant
No EDGAR registrant matches the company name. A company name search returns an empty feed.
Form D hits
0. A full text search of Form D filings for the company name returns zero documents.
Investment vehicles
None. No SPV or fund has filed a Form D naming the company.
Reported raised
More than $70 million, per the company’s own December 2021 boilerplate
Other federal records
No NIH or NSF awards, no FDA clearances, no registered trials under the company name
Implication
The rounds were almost certainly placed under Section 4(a)(2) rather than Regulation D, which carries no notice requirement

Reading the filings

  1. The announced rounds sum to $78.5 million.$1.5M seed plus $4.0M Series A plus $25.0M Series B plus $28.0M Series C plus $20.0M in 2019. The running totals in the press track that arithmetic: TechCrunch put the total at $30.5 million after the Series B, which is 1.5 plus 4 plus 25, and Forbes put it at close to $60 million after the Series C, which is 58.5.
  2. The company’s own total is $8 million lower.A December 2021 release says more than $70 million raised, against $78.5 million announced. The 2019 round was a mix of equity and debt with Silicon Valley Bank named, so the gap fits roughly $12 million of that $20 million being equity and the rest a loan that a funding total would not count.
  3. There is no Form D, and that is not an error.Neither the company nor any vehicle formed around it appears in EDGAR. A private issuer selling only to a handful of institutions can rely on Section 4(a)(2) instead of Regulation D and file nothing. The consequence: every round figure above comes from a press release or a reporter, and none of it can be checked against a filed document.
  4. The Series A number is unsettled in the public record.The encyclopedia entry says $4 million and cites an AllThingsD story whose own headline says $3 million. The later totals reported by TechCrunch fit $4 million. The difference is small, but it is the only round where two public sources contradict each other outright.
  5. One named backer never appears in a round.Announcing her departure in November 2025, the founder thanked venture partners at USV, Maverick, Norwest, and Emerson Collective. Emerson Collective is named in no funding announcement found for this company. Either it came in through a secondary purchase, or through a round that was never announced.
  6. The exit price is unknown and will stay unknown.Waud Capital has completed more than 460 investments since 1993 and buys control positions. Both sides named their advisors and neither named a number. With no public debt and no Form D, no filing will ever reveal it.

Commercial signals

Signal Detail Source type
Customers Merck, Amgen, Gilead Sciences, Astellas, AbbVie and Regeneron named in trade coverage, March 2024; Bristol-Meyers Squibb added in a 2023 interview. Independent
Penetration 8 of the top 10 pharmaceutical companies (2016); over 100 enterprise customers (2019); 15 of the top 25 (2023). Unaudited. Company-stated
Volume 66% marketplace volume growth in 2025, cumulative volume past $1 billion, 21% customer growth. Unaudited. Company-stated
Take rate Transaction fee of between 5% and 10%, reported in 2017. The 2024 pitch is a SaaS subscription, so the economics may have shifted. Independent
Supply side About 3,800 suppliers at the March 2024 marketplace relaunch; described as thousands of pre-qualified organizations in 2026. Company-stated
Published science Fifteen PubMed indexed papers tied to the Reproducibility Project: Cancer Biology, capped by three eLife papers on Dec 7, 2021. Public record
Leadership Both founders left on Nov 6, 2025. Mark Layden, a Waud operating partner installed as executive chairman at the acquisition, is listed as CEO. Company-stated

What to watch

  • A first Form D, which would show up if Waud syndicates co-investment into the platform.
  • Further add-on acquisitions after HappiLabs, the usual pattern for a private equity platform company.
  • Any outside confirmation of the $1 billion cumulative volume figure.
  • Whether the transaction fee survives the move to subscription pricing.
  • Customer retention after both founders and most of the founding leadership have gone.

The Science Exchange story on Healthcare DiscoveryHealthcare Discovery

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Sources

  1. Public recordSEC EDGAR company and Form D full text searchesSEC · run Sep 23, 2026
  2. Public recordPubMed set, Reproducibility Project: Cancer BiologyPubMed · retrieved Sep 23, 2026
  3. IndependentScience Exchange moves into big pharma with $25 million Series BTechCrunch · Mar 23, 2016
  4. IndependentScience Exchange Takes On $28MForbes · Jun 29, 2017
  5. IndependentScience Exchange Raises $20mFinSMEs · Oct 17, 2019
  6. IndependentDeal Tracker: Waud Acquires Science ExchangeThe Healthcare Investor · Sep 30, 2024
  7. IndependentScience Exchange entry with funding citationsWikipedia · accessed Sep 23, 2026
  8. CompanyScience Exchange Announces $25 Million in New FundingIndex Ventures · Mar 23, 2016
  9. CompanyScience Exchange Caps 2025: Record Growth and Product ExpansionScience Exchange · Feb 10, 2026
  10. AcquirerWaud Capital Partners Acquires Science ExchangeWaud Capital Partners · Sep 30, 2024
  11. AdvisorUnion Square Advisors advised Science Exchange on its sale to Waud CapitalUnion Square Advisors · Oct 2, 2024
  12. FounderUpdate from Elizabeth Iorns and Dan Knox: moving on from Science ExchangeLinkedIn · Nov 6, 2025

Compiled from SEC and other public records and published reports as of September 22, 2026. Form D notices report offerings under Regulation D; amounts reflect the filing date. No Form D has been filed by or for this company, so every round figure here rests on press reports and company statements. Healthcare Venture Capital Fund holds no position in Science Exchange. This page is not an offer to sell or a recommendation to buy any security.