US-based medical data software developer Nference received $60m in series B funding on Wednesday from investors including medical research and care provider Mayo Clinic.
Although they were not specifically referenced by Nference in the funding announcement, the round also featured venture capital firms NTT Venture Capital and Matrix Partners as well as investment manager Matrix Capital Management, according to Fierce Biotech.
Nference has built a software platform that uses neural networks to synthesise biomedical data from a range of sources including scientific studies, genomic sequences, clinical notes and pathology images, extracting the relevant information.
The data can be used by stakeholders in the life sciences industry from researchers to executives who are planning strategy. Mayo Clinic has already partnered Nference on the creation of a rare-disease drug development startup called Qrativ, which was launched in 2017.
The company had previously received $11m in a June 2018 series A round featuring Matrix Partners and Matrix Capital Management, the latter described as an existing backer.
Andrew Danielsen, chair of Mayo Clinic’s innovation commercialisation arm, Mayo Clinic Ventures, said: “Our strategic investment in Nference is a reflection of our confidence that a holistic knowledge synthesis platform, that puts patient privacy first, is the solution for effectively leveraging real world evidence to spur innovation to benefit patient care.”
