US-based medical data software developer Nference raised $60m on Tuesday in a series C round that included Mayo Clinic Ventures, an investment subsidiary of medical research and healthcare provider Mayo Clinic.
Investment manager Matrix Capital Management led the round, which also featured venture capital firm Matrix Partners and NTTVC, a VC firm sponsored by telecommunications company NTT.
Nference’s software platform combines scientific literature, clinical and regulatory filings with genomics data and molecular data to provide biomedical data analytics for customers of the life sciences sector.
The company formed an exclusive collaboration agreement with Mayo Clinic in January this year to deidentify and synthesise data such as electronic health records, laboratory reports, pathology images and physician notes. It recently launched a project studying the symptoms and progression of the covid-19 virus.
Nference also collected $60m of series B funding in January, from Mayo Clinic Ventures, NTTVC, Matrix Partners and Matrix Capital Management. The last two also invested in the company’s $11m series A round in mid-2018.
Murali Aravamudan, Nference’s co-founder and chief executive, said: “This funding enables expansion of our portfolio, which is catalysing development of meaningful diagnostics and therapeutics.
“We have built a transformative company, led by a world-class team, addressing complex problems in the life sciences that promise to ultimately improve patient outcomes and the lives of people on a global scale.”