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Subjects: Business
Contributor: (formerly known as Assay Depot) is a network of public and private e-commerce marketplaces that connect buyers and sellers of scientific research services. The company was founded in 2007 by Kevin Lustig, Chris Petersen and Andrew Martin and launched its first public research marketplace in September 2008.

  • e-commerce
  • public research

1. History

Research marketplaces make it possible for scientists to use contract research organizations (CROs) to outsource an entire pharmaceutical drug discovery project without requiring physical access to a laboratory.[1][2][3][4][5] The company has been referred to as the “ for medical research,” “A Home Depot for science and medicine” and the “EBay for drug discovery services."[6][7][8][9] In 2011 and 2012, launched outsourcing marketplaces for the large pharmaceutical companies Pfizer and AstraZeneca, respectively.[10][11][12][13][14][15] The marketplace was featured in a 2012 TEDMED talk given by then-Stanford University professor Atul Butte.[9][16] In 2013, the company launched a private academic marketplace for the National Cancer Institute.[17] By June 2016, when the company rebranded as, it operated private research marketplaces for 10 pharmaceutical companies and the US National Institutes of Health.[17][18] In 2017, rolled out a series of new marketplace features to attract more customers, including COMPLi, a comprehensive process that oversees the sourcing of regulated services for scientific research, such as the legal and ethical acquisition of biological specimens, animal welfare, toxicology studies, secondary real world evidence (RWE), health economics and outcomes research (HEOR), and GxP services.[19][20][21] By the end of 2017, the company operated private marketplaces for most of the world's major pharmaceutical companies and entered into a collaboration with VWR International to create an end-to-end research solution.[22] In 2018, launched DataSmart, a platform to ensure data integrity; DataSmart is based on proprietary blockchain technology developed by[23][24][25] The company also opened an office in Tokyo, Japan in 2018 in order to work more closely with Japanese pharma companies.[26][27] In 2019, unveiled its first original service offering, Trial Insights, a digital reporting platform that aggregates publicly available clinical trials data into usable online dashboards.[28] Later in 2019, launched SciPay, an early-payment program for the thousands of registered suppliers on its marketplace.[29] In late 2020, acquired HealthEconomics.Com, the world’s leading ConnectedCommunity in the Value, Evidence and Access space.[30] Then, in 2021, completed three additional acquisitions, one of which was InsideScientific, an online environment that facilitates the exchange of scientific information via webinars, podcasts, and more.[31] Next, was Notch8, which provides software and app development services, and have since rebranded as Software Solutions.[32] Lastly, is BioPharmCatalyst, an online resource for stock market investors of publicly traded biotech and pharmaceutical companies listed on U.S. markets (NASDAQ and NYSE).[33]

2. Awards

In 2013, Lustig was named “San Diego’s Most Admired CEO” by the San Diego Business Journal, and that same year he was one of five national finalists for Entrepreneur magazine's Emerging Entrepreneur of the Year Award.[34][35] Lustig was twice recognized as one of the life science industry's “100 Most Inspiring People” by PharmaVoice magazine in 2012 and 2013.[36][37] In 2013, Petersen received the CIO 100 Award, and in 2014, he was named one of “San Diego’s Top Tech Execs” by the San Diego Business Journal.[38] The company also won the San Diego Business Journal’s 2014 Innovation Award.[39] In 2015, 2018, and 2019, the company was named one of Entrepreneur magazine’s Best Entrepreneurial Companies in America.[40][41] From 2017-2019, ranked no. 155, 9, and 289, respectively on Inc. magazine’s list of the 500 Fastest-Growing privately-owned companies in America.[42][43] also made Inc. magazine's list of Best Workplaces of 2018 and 2019.[44] was ranked by San Diego Business Journal as the 2nd Fastest-Growing Private Company in 2018 and the 10th Fastest-Growing Private Company in 2019.[45][46][47] In 2018, won the Excellence in Pharma: Regulatory and Compliance Framework award for its COMPLi framework.[48][49] COMPLi introduces an appropriate due diligence process and service-specific supply agreement to support access to regulated services.[21] In 2019, CTO and co-founder Chris Petersen was awarded the Cox Business Exemplary Award as part of San Diego’s 2019 “Top Tech Awards.”[50] In 2019, ranked 86th on the Deloitte Technology Fast 500 list of fastest-growing technology companies in North America.[51] Near the end of 2019,'s early-payment program, SciPay was Highly Commended in the Technology & Telecoms category at the annual Supply Chain Finance Awards.[52] In 2020, Lustig was named one San Diego's Most Influential People by the San Diego Business Journal.[53] In 2020, Lustig was named one of the 500 Most Influential People in San Diego by the San Diego Business Journal.[54] In both 2020 and 2021, was named one of America's Fastest-Growing Companies by the Financial Times , ranking no. 63 and 132, respectively.[55][56] Also, in 2020 and 2021, was honored as one of the nation's fastest-growing private companies by Inc. magazine for the fourth and fifth consecutive year.[57][58]

Award Presented to Presented by Date Notes
100 Most Inspiring People[59][60] Kevin Lustig PharmaVoice magazine 2012  
San Diego's Most Admired CEO[34] Kevin Lustig San Diego Business Journal 2013 Lustig was recognized as an industry innovator for his work on the company that was then called Assay Depot, Inc.
Emerging Entrepreneur of the Year Award Finalist[35] Kevin Lustig Entrepreneur Magazine 2013 He was one of five national finalists
CIO 100 Award [61] Chris Petersen CIO magazine 2013 Petersen's work was recognized along with 100 companies that exemplified the strategic partnership of IT and business
100 Most Inspiring People[62] Kevin Lustig PharmaVoice magazine 2013  
“San Diego’s Top Tech Execs”[63] Chris Petersen San Diego Business Journal 2014 Petersen was honored as a leader in information technology
Innovation Award[64] Assay Depot, Inc. San Diego Business Journal 2014 Assay Depot was the Winner of the Marketing category
Entrepreneur 360 list[65] Assay Depot, Inc. Entrepreneur magazine 2015  
500 Fastest-Growing privately owned companies in America [66] Inc. magazine 2017 Ranked #155
Entrepreneur 360 list [67] Entrepreneur magazine 2018 Ranked #12
500 Fastest-Growing privately owned companies in America [66] Inc. magazine 2018 Ranked #9
Best Workplaces of 2018 [66] Inc. magazine 2018 was listed with about 200 other companies as the best places to work based on employees surveys
Fastest-Growing Private Companies[68] San Diego Business Journal 2018 Ranked #2
Excellence in Pharma: Regulatory and Compliance Framework[69] COMPLi CPhI Worldwide 2018 COMPLi introduces an appropriate due diligence process and service-specific supply agreement to support access to regulated services.
Entrepreneur 360 list[70] Entrepreneur magazine 2019 Ranked #51
500 Fastest-Growing privately owned companies in America [66] Inc. magazine 2019 Ranked #289
Best Workplaces of 2019 [66] Inc. magazine 2019  
Fastest-Growing Private Companies[71] San Diego Business Journal 2019 Ranked #10
Cox Business Exemplary Award [72] Chris Petersen San Diego's 2019 “Top Tech Awards” 2019 Petersen was recognized for his outstanding tech leadership
Deloitte Technology Fast 500 list of fastest-growing technology companies[73] Deloitte Technology 2019 Ranked #86
‘Regulatory Procedures and Compliance’ award[74] SciPay Supply Chain Finance Awards 2019 The SciPay platform created in partnership with Kyriba[75] offers financing solutions to smaller providers on's network
San Diego's Most Influential People[54] Kevin Lustig San Diego Business Journal 2020 Named one of the 500 most influential people in San Diego
Americas’ Fastest-Growing Companies[76] Financial Times 2020 Ranked #63
Fastest-Growing Private Companies[57] Inc. Magazine 2020 Ranked #909 overall, #67 in the Health category
America's Fastest-Growing Companies[56] Financial Times 2021 Ranked #132 overall, #12 in the Health category
Fastest-Growing Private Companies in the US[77] Inc. Magazine 2021 Ranked #1701

3. Business Model is a procure-to-pay B2B e-commerce marketplace. Research customers use the marketplace to design, purchase and pay for custom research services and products. Research suppliers, or contract research organizations (CROs), use the marketplace to communicate with customers, submit quotes, receive orders and submit invoices.[1][10][78] receives a transaction fee on all marketplace purchases.

4. Projects

4.1. COVID Collaboration Center

In spring of 2020, during the COVID-19 pandemic, created a free online tool called the Covid Collaboration Center.[79][80][81] Its goal was to empower researchers, protect healthcare workers and help cure this disease.The website connected COVID-19 researchers and promote collaboration, data-sharingand academic and industry partnerships.

4.2. Rare Disease Challenges

In 2013, partnered with the Rare Genomics Institute to create and run a science challenge called Be HEARD (Helping Empower and Accelerate Research Discoveries).[2][82][83] Half a million dollars worth of scientific services, ranging in value from $2,500 to $75,000, were awarded to 26 rare disease researchers.[84][85] In 2015, the Be HEARD science challenge resulted in over $600,000 in awards to 31 rare disease research programs.[86] In 2017, partnered with Global Genes to sponsor the “RARE Battle of the Brains,” a Shark Tank-style pitch competition between early-stage innovators from biotech and academia.[87]

4.3. Open Science Challenges

In 2012, partnered with BioCurious in the Bay Area and Genspace in New York to run open science challenges for citizen and young scientists.[88][89] In 2018, joined France 's Brain and Spine Institute incubator, iPEPS-ICM, to launch a call for early stage biotechs to pitch novel approaches to fighting central nervous systems (CNS) disease.[90]

5. Community Involvement

5.1. STREAM Lab

In 2018, announced its donation of $5,000 to the Solana Beach Schools Foundation, which was used to support Skyline Elementary School’s newly-constructed STREAM (Science, Technology, Research, Engineering, Art, and Math) Discovery Labs. This donation helped purchase supplies for coding and robotics, educational engineering software, and more.[91]

5.2. 100 Years of the 19th Amendment Campaign

In 2019, partnered up with the Women in Bio Southern California Chapter to help support their campaign, which commemorated the 100th anniversary of the passing of the 19th amendment. created a social media campaign which highlighted 19 exceptional women scientists on each of the 19 days leading up to June 4, 2019, the 100th anniversary of the passing of the 19th amendment. donated $1 for every social media engagement on both their own social media and WIB-Southern California's as well, which totaled $5,000.[92][93]

5.3. Touch a Truck San Diego

In 2019, sponsored Touch a Truck San Diego, a car show for kids that raises money to help fund the discovery of more effective and less toxic therapies for kids battling aggressive cancers. donated $8,000 this year to help fund this event, which was also put on by the Beat Childhood Cancer Foundation.

5.4. Metastatic Breast Cancer Impact Series

In 2019, donated $7,500 to help sponsor the Susan G. Komen Metastatic Breast Cancer Impact Series, which is a series of free events that provides individuals battling metastatic breast cancer and their loved ones with information and resources as well as an opportunity to engage with each other and industry experts.[94]

5.5. Childhood Cancer Awareness Month, Go Gold

In 2021, sponsored Rady Children's Hospital San Diego's initiative, Go Gold for Rady Children’s Peckham Center for Cancer and Blood Disorders. donated $5,000, which went directly to programs and services at Rady Children’s Peckham Center for Cancer and Blood Disorders.[95]

5.6. Local Experiment - Collaboration with Pizza Port Brewing Co.

In 2021, teamed up with fellow Solana Beach native, Pizza Port Brewing Company , to celebrate the thriving San Diego biotech and brewery scene. They co-created a limited-edition beer, entitled "The Local Experiment", which was distributed at Pizza Port locations across San Diego and at the special launch party held at the Solana Beach location on December 8.[96]

5.7. Tropical Brainstorm - Collaboration with New Motion Beverages

In 2022, joined forces with another San Diego brewery, New Motion Beverages, to highlight San Diego's cultural scene, which prominently includes many world famous biotech and pharmaceutical companies and craft breweries. They created a hard sparkling tea called the "Tropical Brainstorm", which was launched on April 28 during their special release party at New Motion Beverages.[97]

5.8. Solana Beach Pollinator Garden

In 2022, donated $3,000 to the Seaweeders', the Solana Beach Gardening Club, to match their previously fundraised amount of $3,000. This donation helped the Seaweeders to plant pollinator gardens throughout the community of Solana Beach and to promote the sustainable beautification of the city.[98]

5.9. Ukraine Refugee Support

In 2022, conducted a company wide donation initiative to aid Ukrainian refugees amidst the Russian war conflict. They donated to a volunteer group called Rhein-Dnipro which purchases food at discounted rates, and then works with Polish trucking companies to deliver the donations. decided to double the total amount donated, and proceeded to donate $30,000 to this organization.

6. Investors

The company raised $1.8M in October 2007 from family and friends.[99] In June 2011, the company raised $1.7M from Hollywood producer Jack Giarraputo and friends. In March 2014, the company raised $3.4M in financing led by Jean Balgrosky of Bootstrap Ventures.[100][101] In May 2017, the company raised $24M in an equity financing co-led by Boston-based Leerink Transformation Partners (LTP) and San Francisco and Boston-based 5AM Ventures; new investors included Heritage Provider Network, and existing investors Bootstrap Ventures and Jack Giarraputo also participated.[102][103]

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