L7 Informatics, a precision medicine software provider for life sciences and healthcare organizations, announced that it closed a $13 million Series B financing round.
Previous investors supported the financing along with several new investors, including Phoenix Venture Partners.
According to the company, proceeds from the latest financing will accelerate the commercialization of L7’s Enterprise Science Platform (L7|ESP). The software platform simplifies data management, digitalizes, and automates workflows in therapeutics, diagnostics, medicine, and research.
L7|ESP is a clinical laboratory improvement amendments compliant software enabling diagnostic organizations to use a single platform for registering and processing samples, running complex analyses, reporting generation, and providing complete end-to-end assay automation, the company said.
The software also fosters digitization, automation, collaboration and expedites genomics research by building an integrated platform to manage scientific knowledge, processes, and data in one place, yielding better access to information and faster discoveries, according to the company.
“We are very excited to join the L7 mission. The company’s Enterprise Science Platform has the core flexibility and breadth needed to advance healthcare and life sciences R&D and manufacturing into a new digital age,” said Dr. Zach Jonasson, Managing Partner of Phoenix Venture Partners.
Vasu Rangadass, CEO of L7 Informatics of said, “We appreciate the shared commitment of our investors to L7’s vision of digitalizing healthcare and life sciences R&D and manufacturing processes. This investment will enable us to continue expanding our product portfolio to support the growing demand for innovation in workflow and data management in life sciences.”
According to the Mercom Funding database, precision medicine software companies have raised almost $2 billion since 2010.
Recently, Tempus, an AI-powered precision medicine company, announced a $200 million financing at an $8.1 billion post-money valuation. SomaLogic, another precision digital health company providing proteomic discovery and applications enhancing clinical decision making, raised $121 million in Series A funding round led by Casdin Capital.
