Congenica, a UK-based patient genomic testing service provider, closed a $50m series C round on Friday that was co-led by internet group Tencent and insurance provider Legal & General.
The round also featured Parkwalk Advisors, part of commercialisation firm IP Group, as well as Cambridge Innovation Capital (CIC), Xeraya Capital, Puhua Capital, IDO Investments and Downing Ventures.
Founded in 2014, Congenica produces genomic analysis software used by research labs to scrutinise genetic samples extracted from next-generation DNA sequencers.
The software is underpinned by machine learning technology Congenica claims is able to process hundreds of human genomes in a single day.
The series C cash will support the formation of more industry partnerships as Congenica looks to enter more international markets and clinical healthcare sectors with its technology.
Congenica launched a strategic partnership agreement with the UK’s National Health Service in 2018 and plans to upgrade its technology so it can deliver features such as tools that can extract data from electronic patient records.
The company closed a $30.1m series B round in May 2019 that included Digital China Health Technologies, an investment vehicle for IT services group Digital China Holdings, as well as genomics technology producer BGI Genomics and healthcare services firm Healthlink.
Parkwalk, CIC, Amadeus Capital Partners and Future Planet Capital also took part in the series B round, and Downing Ventures was identified as an existing investor in the series C. Congenica had secured a total of $4.9m from CIC and Amadeus across rounds in 2014 and 2015.
The original version of this article appeared on our sister site, Global University Venturing.