WuXi NextCODE Secures $75M in Series B Round
China-based genomic data company WuXi NextCODE has announced today that they’ve raised $75M (£58M) in a Series B financing round. The funds are aimed at both strengthening and expanding the business.
WuXi NextCODE is a genomic information company with offices in China, the USA, and Iceland. It was initially founded as NextCODE in 2013 as a spinout of Icelandic deCODE, before being acquired by WuXi AppTec in 2015. The company now provides a range of bioinformatics tools to organise, mine, share, and apply genomic data at scale and speed with the intention of improving healthcare for patients across the world.
“Genomics is the crossroad where data and biology meet,” said Dr. Ge Li, Chairman of WuXi NextCODE and Founder and Chairman of WuXi AppTec. “Through its comprehensive capabilities for digitizing, managing and analysing genome data, WuXi NextCODE is uniquely positioned to build the open access and capability platform that enables any organization or individual to benefit from genomic big data.”
The new funding will help the company to strengthen its current position in the informatics field and to expand further into the growing field of artificial intelligence, as well as help to advance and commercialise genomic tests within the Chinese market. WuXi NextCODE has already launched a whole genome sequencing project in China called HealthCode, which is aimed at healthy individuals and which presented its first set of results at the ACMG annual meeting in March.
“We are building the world’s leading genomic data platform, applying genome sequencing data at scale to improve human health and wellness around the world,” said Hannes Smarason, CEO of WuXi NextCODE, in a statement. “Our rapidly expanding business is serving the world’s leading precision medicine initiatives as well as genome-driven diagnostics and wellness enterprises worldwide.”
Several of the company’s existing partners and investors have participated in this funding round. The financing was co-lead by Temasek, an investment firm based in Singapore, and Yunfeng Capital, a private equity firm from China. Amgen Ventures and 3W Partners were also involved in the round.