BroadOak increased its investment in Genomenon, a company that organizes the world’s genomic data.
The full press release is below.
Genomenon Raises $20M Series B Financing, Launching a New Era in AI-Powered Genomic Data
Financing led by Beringea and Spring Mountain Capital to fuel continued growth in pharmaceutical and clinical diagnostic markets
Genomenon®Inc., an AI-driven genomics company, today announced the completion of a $20 million Series B financing round. The funds will expand the company’s commercial operations and the development of its genomic data hub, which serves 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 with rare and genetic disease and cancer, and researchers to help create precision medicine targeted at molecular drivers of disease.
The Series B financing round was led by Beringea and Spring Mountain Capital, with increased participation from BroadOak Capital Partners and Riverine Ventures joining as new investors, and continued support by the company’s current investors, including Green Park & Golf Ventures, the University of Michigan, IrishAngels, Red Cedar Ventures, Michigan Rise, Invest Detroit Ventures, Michigan Angel Fund and Atain Specialty Insurance Company. To date, Genomenon has raised a total of $35 million from investors and grants.
“Coming on the heels of a successful 2021 where the company once again more than doubled its revenue and customer base, Genomenon will use the new funds to grow its commercial team to reach new customers around the world,” said Mike Klein, Genomenon CEO. “Our AI-driven technology enables genomic insights to support clinicians in patient diagnosis and scientists developing precision medicines.”
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. Its Prodigy Genomic Landscapes are used by top 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 clinical trial stratification, and develop companion diagnostics for regulatory approval.
“Genomenon is transforming the pharmaceutical and clinical diagnostics markets by combining deep clinical expertise with a novel analytics platform to change drug development and patient experiences for the better across a wide range of unmet medical needs,” said Raymond L.M. Wong, managing director and head of growth equity at Spring Mountain Capital. “This partnership reflects our commitment to back extraordinary teams unlocking breakthrough innovations, and we look forward to supporting Genomenon on its journey to realizing the full potential of its platform.”
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 makes the Mastermind Genomic Search Engine freely available to a broad range of scientists, academics, and clinicians. Its user base of nearly 20,000 extends to more than 140 countries.
“As proliferation of sequencing drives exponential growth in the new frontier of genomic informed precision medicine, Genomenon’s AI driven technology platform is the ideal solution to bring life changing therapies to patients while enabling Pharma to more efficiently discover and develop new targeted therapies,” said Michael Gross, managing director at Beringea. “We are excited to partner with Genomenon’s world-class management team to continue to drive industry wide adoption of this transformational platform.”
Genomenon is an AI-driven genomics company that organizes the world’s genomic knowledge to connect patient DNA to scientific research in the diagnosis and development of treatments for patients with rare genetic diseases and cancer.