Sophia Genetics, a Switzerland-based genomics analytics platform operator backed by conglomerate Hitachi and telecommunications firm Swisscom, has filed for a $100m initial public offering on the Nasdaq Global Select Market.
Founded in 2011, Sophia has built a cloud-based software platform that allows healthcare professionals to access insights on health data. Its product had been used to analyse more than 700,000 genomic profiles as of March this year.
The company generated $28.4m of revenue for 2020, up from $25.4m the year before. It reported a $39.3m and $33.8m loss for 2020 and 2019 respectively.
Sophia will use the IPO proceeds to fund research and development and sales and marketing activities. It will also put some of the capital toward fostering relationships in the healthcare sectors and to secure regulatory approval for its products.
The company had collected $250m of funding prior to filing, including a $110m series F round in October 2020 that was led by aMoon and which also featured Hitachi Ventures and Swisscom Ventures, on behalf of Hitachi and Swisscom respectively.
The round included financial services firm Credit Suisse, Pictet, Endeavour Vision, Generation Investment Management, Alychlo, Eurazeo Growth, Ace & Company and Famille C Invest.
Sophia had received $107m across its 2017 series D and 2019 series E rounds, from investors including Generation Investment Management, Idinvest Partners, Balderton Capital, Alychlo, 360º Capital Partners and Invoke Capital.
Marc Coucke led a $15m series C round for the company in 2015, after it had picked up $13.8m in a series B round backed by Swisscom the year before.
Alychlo, the family office for Marc Coucke, is the largest Sophia shareholder, with a 14.2% stake, followed by Generation Investment Management (13.8%) and Balderton (6.8%). JP Morgan, Morgan Stanley, Cowen and Credit Suisse have been appointed joint book-running managers for the IPO.