Genomenon announced that it has completed a $5.3M financing round in the company. The financing will enable the company to expand its commercial operations, which serve genetic testing labs, hospitals, pharmaceutical and biopharma companies.
Genomenon leverages AI (Artificial Intelligence) to organize the world’s genomic knowledge and put it at the fingertips of doctors and clinicians to diagnose patients suffering from rare & 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 over 1,000 genetic testing labs and hospitals worldwide to provide clinical insight into the scientific literature on genomic data.
Genomenon’s AI-driven Genomic Landscapes are used by top 100 pharma and biopharma companies to gain a profound understanding of the genetic drivers and clinical attributes of any genetic disease, from rare diseases to cancer. These datasets enable Pharma to accelerate target discovery, identify genetic biomarkers for better clinical trial stratification, and develop CDx 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% of Genomenon’s new customers were outside of the United States – a trend the company expects will continue.
A comprehensive understanding of Genomics is essential to advancing Precision Medicine, and Genomenon uniquely meets that need in ways that have led to quick adoption in the market. The company’s freemium model makes the Mastermind Genomic Search Engine freely available to a broad range of scientists, academics, and clinicians, and their user base of well over ten thousand extends to more than 118 countries. The company also offers a paid version of Mastermind to further accelerate genetic interpretation and patient diagnosis.
New investors in this round of financing included BroadOak Capital Partners, Green Park & Golf Ventures, Red Cedar Ventures and Michigan Rise with continued support from existing investors Invest Detroit Ventures, IrishAngels, Michigan Angel Fund, Invest Michigan and Atain Specialty Insurance Company.
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.”
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.”