GenomeQuest, Inc. Announces $4 Million in New Venture Funding to Bolster Enterprise Offering

WESTBOROUGH, Mass.--(BUSINESS WIRE)--GenomeQuest, Inc., a leader in enterprise genomic search, today announced that it has secured an additional $4 million in venture funding to expand its organization to support growing demand for its GenomeQuest™ platform. GenomeQuest™ has seen rapid industry uptake over the past two years, marking over 100 customers this summer. The funding will allow enhancement of GenomeQuest™ by introducing product features tailored to the needs of the enterprise research market. The new features will leverage the capabilities that make GenomeQuest™ the tool of choice for IP professionals.

The Series B financing was led by Mosaix Ventures, based in Chicago, who joined existing investors Cross Atlantic Partners and Milestone Venture Partners based in New York City, and Paris-based Société Générale Asset Management (SG AM) Alternative Investments. The current investment follows GenomeQuest, Inc.’s $4.1 million Series A round in November 2005.

GenomeQuest™ is an enterprise genomic search platform that helps life science research enterprises by aggregating genetic sequence data and providing search analytics for research information and simultaneous exploration of the Intellectual Property landscape.

Ranjan Lal, General Partner of Mosaix Ventures, said, “We are delighted to lead this current round of funding for GenomeQuest, Inc. The company is highly capital efficient, and with its GenomeQuest™ technology and a solid customer base, is well positioned to meet the enormous demand for solutions to manage and mine the huge sequence data sets that will be created by new technologies, such as high-speed sequencing.”

Ronald Ranauro, President and CEO of GenomeQuest, Inc., said, “The market for GenomeQuest™ is expanding enormously. We have huge growth potential in traditional large pharmaceutical and biotechnology drug discovery, as well as with new applications in new markets enabled by the plummeting cost of sequencing a genome. This investment allows us to build the larger organization needed to support our growth in those markets.”

About GenomeQuest, Inc.

GenomeQuest, Inc. is a leading enterprise genomic information company providing search, content, and analysis functions to manage and mine the world’s sequence data. The company’s flagship product, GenomeQuest™, is a web-based sequence information platform that enables scientists, developers, and IP professionals to explore biological sequence information while simultaneously investigating the Intellectual Property landscape. Backed by a continually-updated collection of databases, GenomeQuest™ delivers confident sequence search to its over 100 customers of leading life science companies and IP law firms, worldwide.

GenomeQuest, Inc., is headquartered in Westborough, Massachusetts. For more information, call (508) 616-0100, or visit www.genomequest.com.