ANN-ARBOR—Genomenon, the genetics informatics company, has completed a $5.3 million financing round, company officials announced. The financing will enable the company to expand its commercial operations, which serve genetic testing labs, hospitals, pharmaceutical and biopharma companies.
New investors in this round of financing included BroadOak Capital Partners LLC of Bethesda, Md., Green Park & Golf Ventures of Dallas, Red Cedar Ventures of East Lansing, and the East Lansing pre-seed firm Michigan Rise, with continued support from existing investors Invest Detroit Ventures, IrishAngels of South Bend, Ind., Michigan Angel Fund, Invest Michigan, and Atain Specialty Insurance Co. of Farmington Hills.
Skip Simms, managing member of Michigan Angel Fund, said of Genomenon: “This is a well-run company and world class team of people driving this game-changing technology and service. They build shareholder value every week and we’re delighted to be one of those major shareholders.”
Added Lauren Tyra, chief scientific officer of Green Park & Golf Ventures, said, “We are excited to be supporters of Genomenon’s forward-looking approach to genetic and rare disease diagnosis. Better and more comprehensive tools are clearly needed in this space to get patients properly diagnosed and on treatment more quickly, and we are thrilled Genomenon is part of that next generation of tools. The ability to match the right patients with next-generation targeted therapeutics quickly and at scale is a significant advantage to current approaches.”
Genomenon uses artificial intelligence technologies to organize the world’s genomic knowledge and put it at the fingertips of doctors and clinicians to diagnose patients suffering from rare and genetic disease and cancer, and researchers to help create precision medicine targeted at molecular drivers of disease.
Genomenon’s Mastermind Genomic Search Engine is used by more than 1,000 genetic testing labs and hospitals worldwide to provide clinical insight into the scientific literature on genomic data.
And its AI-driven Genomic Landscapes are used by top 100 pharma and biopharma companies to gain understanding of the genetic drivers and clinical attributes of any genetic disease, from rare diseases to cancer. These datasets enable pharmaceutical companies to accelerate target discovery, identify genetic biomarkers for better clinical trial stratification, and develop diagnostic tools for regulatory approval.
Coming on the heels of a successful 2020, where the company doubled its revenue and customer base, Genomenon plans to use the additional investment to continue its ongoing growth by expanding its commercial team to reach new customers around the world. Last year, 50 percent of Genomenon’s new customers were outside of the United States, a trend the company expects will continue.
More at www.genomenon.com.