SomaLogic, a 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. With this round, the company’s total fundraises now exceed $485 million.
Other investors Farallon Capital Management, Foresite Capital, funds and accounts advised by T. Rowe Price Associates, Blue Water Life Science Advisors, Madryn Asset Management, Fiscus Ventures and Reimagined Ventures (affiliates of Magnetar Capital), Monashee Investment Management, Mossrock Capital, Soleus Capital, and others participated in the round.
In addition to this round, Eli Casdin of Casdin Capital will be joining the SomaLogic Board of Directors. With the new funds, SomaLogic plans to expand and commercialize its proteomic products in both the clinical and life science markets.
SomaLogic’s SomaScan Platform technology offers life science researchers the coverage of the proteome for revealing new biology and/or identifying new drug targets as well as the effects of current and potential new drug treatments, according to the company.
Roy Smythe, M.D., Chief Executive Officer of SomaLogic, stated: “This strong vote of confidence by Casdin Capital, together with a premier syndicate of sophisticated health care technology investors validates the importance of the science of proteomics in both clinical and research settings and confirms SomaLogic has developed the leading technology and applications in this field. With this funding, we will build on our substantial technological lead in this space, continue to develop these important markets, and in the process, achieve our goals of improving human health and healthcare delivery.”
Eli Casdin, Chief Investment Officer and Founder of Casdin, commented: “The proteomics era is here. We’ve invested in support of the value created by genomic technologies from the beginning. This impact has been profound across and beyond healthcare, but what has remained is the fundamental appreciation that the proteome holds as much or greater promise. These disruptive waves begin with powerful enabling technologies, and we’re seeing the emergence of these tools to power a proteomics revolution. SomaLogic is a pioneer in the space with established partnerships with leading biopharma and health system players, and we see tremendous opportunity to drive this field forward in partnership with the SomaLogic team.”
According to the Mercom Funding database, Digital Health clinical decision support companies have raised over $3 billion since 2010. Recently Congenica raised $50 million to advance its genomics clinical decision support platform.
Image credit: SomaLogic