US-based medical data storage platform developer DNAnexus completed a $58m financing round featuring internet technology group Alphabet, software provider Microsoft and genomic information supplier WuXi NextCode yesterday.
Investment firm Foresite Capital led the round, which included TPG Biotech, Claremont Creek Ventures and MidCap Financial, while Alphabet participated through its GV unit.
DNAnexus has built a machine learning-equipped network that stores genomics and other biomedical data sourced from large genomic and biomedical datasets, allowing it to be accessed and analysed by its customers.
The round took the total raised by DNAnexus to approximately $105m, and follows a $15m investment by Wuxi NextCode, which operates as a subsidiary of pharmaceutical company Wuxi PharmaTech, in 2015.
GV (then known as Google Ventures) had joined TPG Biotech, Claremont Creek and First Round Capital to provide $15m for DNAnexus in 2014, three years after it raised $15m from GV, TPG Biotech, First Round, Felicis Ventures, K9 Ventures and SoftTech VC.
The latest financing will fuel the company’s work in the clinical trials space as well as the launch of its latest software product, the Translational Informatics Suite.
DNAnexus CEO Richard Daly said: “The financing enables further development and the launch of our translational medicine solutions, as well as expanding our footprint in cloud-based management of genomic data in clinical trials.
“The next wave of biomedical insights is coming from cross-institutional collaborations that produce rapidly increasing amounts of multi-omics data. We are proud of our work dedicated to improving how global research and development organisations leverage large biomedical datasets to develop and deliver precision medicine solutions.”