China cash helps Congenica raise extra £13.25m to take Series B to £23.3m
New Chinese investment is helping Cambridge genomics services innovator Congenica to scale in China and the United States.
The UK company has raised an additional £13.25 million to hoist its completed Series B round to £23.3m.
Parkwalk Advisors led the fresh fundraise and the round attracted new strategic investors, including Digital China Health Technologies Corporation Limited (DCHealth), alongside follow-on funding from existing investors.
Congenica was recently awarded a multi-year contract to be the exclusive provider of diagnostic decision support services for the world-leading NHS Genomic Medicine Service.
This allows clinicians to use the company’s SapientiaTM platform and expert support services to interrogate the human genome to identify disease-causing variants.
The company is now looking to accelerate growth, with commercial scale-up to support further penetration into international markets, to expand on the initial focus of the US and China.
The new capital will also drive the development of an enhanced product platform that harnesses the power of statistics and machine learning technology to augment the ability of users to make diagnostic decisions.
In parallel, new versions of Sapientia platform will incorporate extensive automation and broaden the clinical and commercial focus to support cancer treatment decisions, pharmacogenomics and health management.
Dr David Atkins, CEO of Congenica, said: “With the formalisation of our partnership with the NHS, we are now focused on accelerating the introduction of important new features to our platform.
“These funds will allow us to automate Sapientia to support wider usage and reduce costs to healthcare providers, helping more clinicians provide accurate, rapid and cost-effective diagnoses to patients and their families.
“In addition, we can now begin to penetrate international markets. The deepening of our relationship with DCHealth gives us greater insight into the needs of the China market with the recent development of an on-premise version of our platform the most notable example.”
David Shi, CEO of DCHealth, commented: “As the provision of routine clinical genomics services continues to increase in China and other global markets, the challenge of analysis and interpretation of genomic data into meaningful, clinically-actionable results is coming into force.
“Our investment reflects Congenica’s proven abilities and track record and underlines our confidence that its platform and services will contribute to the new era of genomic medicine internationally.”
Congenica chair Dr Andy Richards said the funding success was transformative: “Congenica is at the exciting scale-up stage of its commercial development, at the forefront of the fast-moving genomics market.
“Its recent successes demonstrate that, with the right investment and leadership, world-leading technology companies can be built from UK science. With this additional investment, Congenica is poised to become the leading clinical genomics service provider; and will benefit patients globally.”