DNAnexus gets $58M to accelerate expansion of data products
Microsoft and GV—formerly Google Ventures—are among investors putting more money into DNAnexus, a biomedical informatics and data management company, to support its product expansion efforts in using biomedical data in clinical trials.
Financing of $58 million for the Mountain View, Calif-based company is led by Foresite Capital, a new investor, with “strategic investment” from Microsoft, the company says.
Existing investors in DNAnexus, including GV, TPG Biotech, WuXi NextCODE, Claremont Creek Ventures and MidCap Financial, also participated in the latest round of financing.
The company’s pioneering global platform enables a network of enterprises to effectively gain insight from large genomic and biomedical datasets.
“DNAnexus is a true pioneer and trusted brand in cloud-based platforms for research and precision medicine,” said Jim Tananbaum, founder and CEO of Foresite Capital. “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.”
The equity investment supports the company’s continued expansion in the clinical trials market as well as the deployment of the company’s Translational Informatics Suite for pharmaceutical and other research organizations.
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. The company also announced separate collaborations with AstraZeneca’s Centre for Genomics Research and Rady Children’s Institute for Genomic Medicine.
“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,” said 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 organizations leverage large biomedical datasets to develop and deliver precision medicine solutions.”