Syapse, a precision medicine company, announced the closing of a $68 million growth equity investment round.
The round was led by Ally Bridge Group (ABG), with participation from Northpond Ventures and existing investors.
Syapse develops a software platform that supports precision oncology care and drug discovery, said the latest investment support expanded partnering opportunities with life sciences, health systems, regulators, and molecular labs.
“Ally Bridge is excited to fund Syapse’s highly scalable value-add business that is becoming embedded within leading-edge healthcare systems and consequential to life science companies based on its ability to deliver real-world evidence (RWE) and to provide actionable treatment insights, which is exactly where precision medicine is heading,” said Frank Yu, Founder, CEO and CIO of Ally Bridge Group.
As part of the investment, Andrea Jackson, Director for Northpond Ventures, will be joining the Syapse Board of Directors.
“Using real-world data and evidence to improve outcomes in cancer care is foundational for drug developers, regulators, doctors, and caregivers. We are excited to be an investor in Syapse, and I am looking forward to working with the Syapse Board and leadership team to advance their mission to improve outcomes for people with cancer,” said Jackson.
BofA Securities acted as a capital markets advisor to Syapse during the financing.
“We are extremely pleased that Ally Bridge Group and Northpond Ventures embrace our vision of providing high-quality healthcare to cancer patients and building a global network that integrates a great deal of provider-driven data to deliver actionable insights to health systems and their patients,” said Ken Tarkoff, chief executive officer of Syapse.
According to the Mercom Funding database, precision medicine companies have raised over $1.5 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, 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.