Ireland-based life sciences company Genomics Medicine Ireland (GMI) received $40m in series A funding yesterday from a consortium including GV, the corporate venturing arm of internet and technology conglomerate Alphabet.
The round also featured venture capital firms Arch Venture Partners and Polaris Partners as well as the Ireland Strategic Investment Fund, an $8.1bn vehicle managed by the Irish government-owned National Treasury Management Agency.
Founded in 2015, GMI is working on a platform that aims to collect genomic data and identify the role of genetics in diseases and rare conditions. The company hopes to use that knowledge to eventually develop therapies and prevention strategies.
The platform is based on work conducted by Decode Genetics, a population genome studies subsidiary of biopharmaceutical firm Amgen.
GMI will put the money towards the creation of a genomic research and development program in Dublin and aims to hire 150 people over the next three years. It also expects to unveil a first collaboration with an Irish hospital within the next few weeks.
GV, Arch, Polaris and Maveron previously provided funding in January 2015, according to deals database Pitchbook. While that earlier amount has not been confirmed, The Times reports that GMI has raised more than $50m in funding to date.
Daniel Crowley, acting chief executive of GMI, said: “We look forward to working closely with the Irish healthcare system to develop better diagnostics and new means to optimise health and patient outcomes.
“The size and characteristics of the Irish population can powerfully advance scientific discovery as researchers are able to pinpoint variations in DNA relevant to disease and useful for improving medicine.”