Veritas Genetics, a US-based genetic testing technology producer spun out of Harvard University, has raised $30m in series B capital from investors including drug developer Jiangsu Simcere Pharmaceutical.
Lilly Asia Ventures, a corporate venturing subsidiary of pharmaceutical company Eli Lilly, also contributed to the round, which was led by growth equity firm Trustbridge Partners.
Sean Cao, CEO of Simcere in the US until this month, now managing director of C-Bridge Capital Partners, said: “This was not the first deal by Simcere. We have invested in a few others including Seven Bridges Genomics in Boston.”
Founded in 2014, Veritas Genetics is developing a genome sequencing platform aimed at hereditary cancer and reproductive health, and has produced the first such product costing less than $1,000. It is commercialising research conducted at Harvard Medical School as part of the Personal Genome Project.
The cash will go towards an expansion of Veritas’s product offering and improved consumer digital experience, and will enable it to sign partnerships with researchers and hospitals across the world. Lilly Asia Ventures previously supplied $12m in series A funding to the company in 2015.
Mirza Cifric, co-founder and chief executive of Veritas Genetics, said: “With a $999 genome, we are at the tipping point of a transformation in healthcare where the genome is going to be at the centre of many decisions we make about our health and quality of life, throughout our lives.
“This investment is not only a sign of confidence in our team and the company but one for the entire genomic industry. We are excited to have our new investors, which include world class teams with strategic value in the US and Asian markets, as we expand globally.”