Congenica Raises $50 Million for Rare Disease Diagnostics
November 12, 2020
Rare Daily Staff
U.K.-based Congenica, a digital health company focused on the rapid and accurate analysis of complex genomic data, has raised $50 million (£39 million) in a series C financing.
Tencent and Legal & General led the financing and included other new investors Xeraya, Puhua Capital and IDO Investments. Existing investors Parkwalk, Cambridge Innovation Capital and Downing also participated.
Known for its genomic analysis capabilities for the diagnosis of rare diseases and inherited cancer, the new funding is aimed at accelerating international market development and driving further expansion of Congenica’s product platform into somatic cancer, wellness, and through partnerships with pharmaceutical companies.
The funding will also help Congenica deliver advanced capabilities including the ability to integrate with existing electronic health systems with fully automated interpretation capability. Congenica says its software enables rapid genomic data analysis at scale, performing 20x faster than industry averages and providing a 30 percent higher analytical yield, reducing genomic interpretation costs by up to 95 percent.
The company was spun out of pioneering research at the Wellcome Sanger Institute and NHS, and since then has established a diverse, global customer-base of hospitals, diagnostic laboratories, academic medical centers and pharmaceutical companies. It is the exclusive clinical decision support service provider of the groundbreaking U.K. NHS Genomic Medicine Service.
“Genomic medicine is revolutionizing healthcare, transforming outcomes for patients by providing clinicians with fast, accurate and early diagnoses and the information needed to provide life-changing answers for their patients, improving wellbeing and disease management,” said David Atkins, CEO of Congenica. “This new funding will allow us to build on our established foundation in rare disease and bring the power of our platform to new indications and new markets.”
Photo: David Atkins, CEO of Congenica
Sign up for updates straight to your inbox.