Mountain View, California-based DNAnexus has closed a $58 million financing round.
The round was led by Foresite Capital. Strategic investment came from Microsoft. Additionally, TPG Biotech, WuXi NextCODE, GV (formerly Google Ventures), MidCap Financial and Claremont Creek Ventures participated.
The startup’s cloud-based platform is designed for researchers in various industries, such as clinical diagnostics, biopharma, bioagricultural and government. Through it, scientists can manage, access and analyze sequencing data. Overall, the company offers a global network that enables organizations to improve their genomics programs.
“DNAnexus is a true pioneer and trusted brand in cloud-based platforms for research and precision medicine,” Jim Tananbaum, founder and CEO of Foresite Capital, noted in a statement. “As the volume of biomedical information continues to increase, the DNAnexus platform and upcoming product releases catalyze collaboration, data sharing and machine learning on which the development of precision medicine depends.”
In a news release, DNAnexus CEO Richard Daly said the $58 million will help the startup develop and launch its translational medicine solutions and expand its reach in the world of clinical trials.
This isn’t the company’s first rodeo in the fundraising realm.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
In 2011, it secured $15 million in a round led by Google Ventures and TPG Biotech. Felicis Ventures, First Round Capital, SoftTech VC and K9 Ventures also participated. In early 2014, it raised $15 million in a Series C round led by Claremont Creek Ventures, Google Ventures, TPG Biotech and First Round Capital.
More recently — in May 2017 — San Diego-based Rady Children’s Institute for Genomic Medicine implemented DNAnexus’ platform to assist with its work on whole genome sequencing.
It also teamed up with AstraZeneca on an initiative to analyze two million genomes. The pharma company launched the project and an in-house Centre for Genomics Research in April 2016.
In December, the company integrated Google Brain’s DeepVariant tool onto its cloud platform.
Photo: Abscent84, Getty Images
