Belgium-based cancer analysis software developer OncoDNA has closed a €19m ($20.6m) series B round backed by Sofinim, a private equity vehicle controlled by diversified conglomerate Ackermans & van Haaren.
The round was co-led by venture capital firm Vesalius Biocapital and Swisscanto Invest, the asset management arm of financial services firm Zürcher Kantonalbank. It included cooperative bank Banque CPH, Inventures, MyMicroInvest, Sambrinvest, SRIW, SFPI-FPIM, and unnamed existing investors.
Founded in 2012, OncoDNA has built a software platform that helps oncologists interpret genetic sequencing results by comparing them against cancer biomarkers and other data.
The platform encompasses separate software tools including products for interpreting sequencing readouts and evaluating tissue biopsies based on specific DNA, RNA or protein-centred methodologies.
OncoDNA also provides products that quantify tumour DNA in blood samples, to combine those results with those of solid biopsies, and to share findings with other oncologists.
The tools are marketed as being particularly effective for designing precision medicines, which account for specific genetic profiles. Other uses include the setting up of clinical trials and measuring appropriate drug prescriptions for cancer patients.
The company will use the funding to expand headcount, further develop its products and expand overseas while strengthening its biopharmaceutical partnerships.
OncoDNA raised $8.6m in a 2016 round that gave Sofinim a 15% equity stake according to Fierce Biotech, the fund investing with CPH Banque, SRIW, Inventures, Sambrinvest, Vinsovier and an entity called Invest4OncoDNA. The latter four had previously supplied €1.1m in capital for the company.