US-based medical analytics software provider BostonGene has received $150m in series B funding from investors including IT services provider NEC Corporation at a valuation of over $1bn.
Impact Investment Capital and Japan Industrial Partners filled out the participants in the round, which followed $50m in series A funding from NEC in 2019.
BostonGene has created software that sequences a cancer patient’s individual genome to create an artificial intelligence (AI)-based molecular and immune profile to assess the state of their illness, including biomarkers, actionable mutations and microenvironment properties.
The analysis would help medical professionals establish a personalised treatment regime for each patient. It plans to use the fresh capital to grow its business, expand internationally, support clinical and research partnerships and boost its innovation activities.
In addition to the funding, BostonGene and NEC plan to form a joint venture that will serve patients in Japan and other Asian countries.
NEC launched its Orchestrating Future Fund in December 2021 and is targeting a $150m close. The vehicle is focusing on healthcare and life sciences, 5G and 6G technology, digital government, smart cities, carbon neutrality and digital experience and financial technology.
Andrew Feinberg, BostonGene’s chief executive, said: “BostonGene has a unique opportunity to build a very large economic value that creates an even larger social impact. That combination is extremely rare, and I am excited and humbled by it.”
“This capital positions us well to execute on our vision to enable personalised treatment of cancer patients based on integrated molecular profiles of the tumour, tumour microenvironment and host immunity.”
Photo courtesy of BostonGene Corporation.
