Federated Genomic Data Startup Lifebit Raises $60 Million

Lifebit, a London-based genomic data analytics and insights platform, announced it had raised $60 million in a Series B funding round.

Tiger Global Management led the round with existing investors Eurazeo, Pentech Ventures, and Beacon Capital.

The company said it would use the capital to expand worldwide and speed up the growth of its employee base.

Lifebit is a genomic data software firm that makes CloudOS, a cloud-native, federated genomics operating system for precision medicine. CloudOS functions as a managed service of individual clouds or high-performance computing centers to support bioinformatics data analysis across sites and institutions. Lifebit says it has a patented technology for federating the data around genomic data, allowing researchers to get more insights while keeping the data secure.

“We believe all biomedical data that can be used to save lives should be used. People are dying because of how this data is being handled, and making distributed highly sensitive biomedical data usable while keeping it secure in-place and combining it with other data has never been possible. Until now,” CEO Dr. Maria Chatzou Dunford said in a statement.

“It’s great to see how excited our investors are to support our mission and our first-of-its-kind transformative technology. With this new strategic backing, we will continue to expand our global presence, with a specific focus on customer success and accelerating the growth of our team.”

Partner at Tiger Global, John Curtius, added: “We are confident that Lifebit’s innovative and industry-leading software solutions, paired with their customer-first approach, will drive rapid global adoption and accelerate breakthroughs in precision medicine.”

Healthcare Data Analytics companies secured $1.5 billion in venture capital funding from 33 funding rounds in the first half (1H) of 2021, approximately a 90% increase year-over-year, compared to $826 million raised in 35 funding rounds in 1H 2020, according to the recently released Mercom Digital Health Funding and M&A Report.