Genomenon® Inc., an AI-driven genomics firm, has reportedly completed a Series B funding round of USD 20 million.
The funds will be used to expand the company’s development of its genomic data hub and commercial operations, which serves hospitals, genetic testing labs, biopharma, and pharmaceutical companies.
The Series B round was initiated by Spring Mountain Capital and Beringea, with participation from Riverine Ventures and BroadOak Capital Partners joining as new investors and continued the backing by the current investors of the company, including the University of Michigan, Green Park & Golf Ventures, Red Cedar Ventures, IrishAngels, Invest Detroit Ventures, Michigan Rise, Atain Specialty Insurance Company, and Michigan Angel Fund. Currently, the company has secured a total of USD 35 million from grants and investors.
Genomenon uses Artificial Intelligence (AI) to arrange the genomic knowledge of the world and put it at the doctor and clinician’s fingertips to diagnose patients with genetic and rare diseases and cancer, and researchers to help create accurate medicine focused on the molecular drivers of the disease.
According to the Chief Executive Officer of Genomenon Mike Klein, the company will utilize the new funds to augment its commercial team to acquire new customers worldwide. Klein added that the AI-driven technology allows genomic insights to back scientists in developing precision medicines and clinicians in patient diagnosis.
The Mastermind Genomic Search Engine of Genomenon is utilized by over 1,000 genetic testing labs and hospitals across the world to offer clinical insight into scientific research on genomic data.
Top biopharma and pharma companies use its Prodigy Genomic Landscapes to attain a deeper understanding of clinical attributes and genetic drivers, from rare diseases to cancer. These datasets allow pharma to expedite target discovery, develop companion diagnostics for regulatory approval, and recognize genetic biomarkers for stratification of clinical trials.
An exhaustive understanding of genomics is important to furthering precision medicine, and the company distinctly meets the demand in ways that have resulted in rapid adoption in the market.
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