DNAnexus Announce $58 Million Investment to Further Expansion
DNAnexus has announced a $58 million investment to accelerate expansion.
According to BusinessWire, the investment was led by Foresite Capital with strategic investment from Microsoft Existing investors, GV, TPG Biotech, WuXi NextCODE, Claremont Creek Ventures, and MidCap Financial.
Jim Tananbaum, founder and CEO of Foresite Capital, said, “DNAnexus is a true pioneer and trusted brand in cloud-based platforms for research and precision medicine. As the volume of biomedical information continues to increase, the DNAnexus Platform and upcoming product releases catalyse collaboration, data sharing and machine learning on which the development of precision medicine depends. Foresite Capital is pleased to lead this new financing round.”
The investment is in line with the company’s continued expansion in clinical trials market as well as the deployment of the company’s Translational Informatics Suite for pharmaceutical and other research organisations.
“The financing enables further development and the launch of our translational medicine solutions, as well as expanding our footprint in cloud-based management of genomic data in clinical trials,” explained Richard Daly, chief executive officer of DNAnexus. “The next wave of biomedical insights is coming from cross-institutional collaborations that produce rapidly increasing amounts of multi-omics data. We are proud of our work dedicated to improving how global research and development organisations leverage large biomedical datasets to develop and deliver precision medicine solutions.”
Earlier this year, the company launched the Mosaic Microbiome Platform to advance methods aimed at increasing the understanding of the human microbiome and an early access program for Google Brain’s DeepVariant technology. They also revealed separate collaborations with AstraZeneca’s Centre for Genomics Research and Rady Children’s Institute for Genomic Medicine.