DNAnexus Raises $100 Million To Expand Its Cloud Genomics Analytics Platform

DNAnexus, cloud-based genome informatics, and data management software platform, closed a $100 million in Series G funding round.

Perceptive Advisors and Northpond Ventures co-led the funding round, with participation from Foresite Capital, TPG Capital, and First Round Capital, Regeneron Pharmaceuticals, and GV (formerly Google Ventures), the venture capital investment arm of Alphabet.

The company works with clients across industries, including pharmaceutical companies, clinical diagnostics centers, healthcare companies, academic research organizations, and medical centers.

According to the company, its software platform is built to analyze and visualize clinical and genomics research data for advanced precision medicine and research.

“This financing drives the advancement of our data science technologies benefiting our rapidly growing customer base,” said Richard Daly, Chief Executive Officer at DNAnexus in a statement. “The next wave of biomedical insights and treatments will be driven by large-scale clinical, multi-omics, and real-world data resulting from cross-institutional collaborations. Our customers have continued to grow during the current COVID-19 epidemic using the virtual cloud workspace we provide. The trend toward cloud-based data analysis and collaboration is accelerating, and we are at the right place at the right time to future-proof and serve our customers.”

Founded in 2009, DNAnexus has raised over $240 million to date, according to Mercom data.

The new funds will advance its international growth, enabling the company to serve healthcare and life science organizations worldwide as it grows its cloud-based clinical testing offerings.

“The Precision Medicine market is poised to exceed $119 billion by 2026. Many pharmaceutical companies and medical centers are adopting strategies rooted in human genetics because evidence shows that the odds of a drug’s clinical success doubles if associated with specific biomarkers,” said Michael Rubin, M.D., Ph.D., Founder, and CEO of Northpond Ventures in a statement. “Providing the ecosystem with a tool to analyze and gain insights from all these massive datasets is a difficult undertaking. DNAnexus has a proven product that scales.”

Genomics data analytics companies raised over $1.2 billion in the past three years, according to Mercom funding data. Early this year, Deep Genomics, an AI-driven precision medicine company, raised $40 million in Series B funding. The round was led by Future Ventures, with participation from Amplitude Ventures, Khosla Ventures, Magnetic Ventures, and True Ventures.