Benchling, a US-based life sciences software company, has confirmed that it has laid off around 9% of its workforce.
The move has affected a total of 74 employees, Reuters said in a report.
Founded in 2012 by former Massachusetts Institute of Technology students Sajith Wickramasekara and Ashu Singhal, Benchling specialises in developing software tools for scientists and pharmaceutical research organisations.
Since its launch, the company has emerged as one of the major platforms for digitising the R&D process.
The company, which is currently valued at more than $6bn, filed for an initial public offering in late 2021.
According to a report by pharmaphorum, the layoff drive has mainly impacted the San Fransisco-based startup’s marketing team.
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The company told pharmaphorum that it has recorded triple-digit revenue growth and about 70% of increase in its customer base in the latest financial quarter.
In addition, Benchling secured additional fundings of $200m in the Series E funding round held in April 2021 and approximately $100m in Series F investment round in 2021.
With the latest downsizing effort, Benchling has now joined several startups and tech giants in the US, including Amazon and Meta, that are reducing their workforce.
Last week, Facebook’s parent company Meta Platforms started a fresh round of layoffs to eliminate more employees, primarily from engineers and technical team workers.