Financing to fuel continued growth in pharmaceutical and clinical diagnostic markets
Genomenon® Inc., an artificial intelligence (AI)-driven genomics company, based in Ann Arbor, Mich., announced the completion of a $20 million Series B financing round. The funds will expand the company’s commercial operations and the development of its genomic data hub, which serves genetic testing labs, hospitals, pharmaceutical and biopharma companies. Genomenon leverages AI to organize the world’s genomic knowledge and put it at the fingertips of doctors and clinicians to diagnose patients with rare and genetic disease and cancer, and researchers to help create precision medicine targeted at molecular drivers of disease.
“Coming on the heels of a successful 2021 where the company once again more than doubled its revenue and customer base, Genomenon will use the new funds to grow its commercial team to reach new customers around the world,” said Mike Klein, Genomenon CEO. “Our AI-driven technology enables genomic insights to support clinicians in patient diagnosis and scientists developing precision medicines.”
Genomenon Inc. CEO, Mike Klein
Genomenon’s Mastermind Genomic Search Engine is used by more than 1,000 genetic testing labs and hospitals worldwide to provide clinical insight into the scientific literature on genomic data. Its Prodigy Genomic Landscapes are used by top Pharma and biopharma companies to gain a profound understanding of the genetic drivers and clinical attributes of any genetic disease, from rare diseases to cancer. These datasets enable Pharma to accelerate target discovery, identify genetic biomarkers for clinical trial stratification, and develop companion diagnostics for regulatory approval.
“As proliferation of sequencing drives exponential growth in the new frontier of genomic informed precision medicine, Genomenon’s AI driven technology platform is the ideal solution to bring life changing therapies to patients while enabling Pharma to more efficiently discover and develop new targeted therapies,” said Michael Gross, managing director at Beringea. “We are excited to partner with Genomenon’s world-class management team to continue to drive industry wide adoption of this transformational platform.”
A comprehensive understanding of genomics is essential to advancing precision medicine, and Genomenon uniquely meets that need in ways that have led to quick adoption in the market. The company makes the Mastermind Genomic Search Engine freely available to a broad range of scientists, academics, and clinicians. Its user base of nearly 20,000 extends to more than 140 countries.
