PALO ALTO, Calif.--(BUSINESS WIRE)--Genoox, a genomic analysis company making it easier for doctors, clinicians and researchers to analyze and act on genetic sequencing results by applying various clinical applications, today announced it closed a $6 million funding round. The round was led by Triventures, a venture capital fund that invests in transformational health startups led by elite teams and is focused on impacting the quality, cost and experience of healthcare. The investment was joined by Inimiti Capital and Glilot Capital Partners.
As the appetite for direct-to-consumer testing services grows, the $5 billion global genetic testing market is witnessing an increase in demand for testing services that empower physicians to use genetic data for diagnostics and preventative medicine. The introduction of Next Generation Sequencing (NGS) technology by companies like Genoox, which employ machine learning algorithms to analyze large amounts of genetic data, is transforming this market from point testing solutions to broader tests that can cover large parts of the genome.
“As a doctor, having access to personalized medicine will transform how we provide care and empower us to deliver the right treatment at the right time,” said Dr. Fitzgerald, Triventures’ co-founder and managing partner, and Genoox board member. “We invested in Genoox because the company is led by a superb, multidisciplinary team that has developed a robust and scalable platform differentiated by its accurate, clinical genomic analysis and treatment recommendations. The platform makes it simple and cost-effective to identify the genetic root causes of disease and medical issues, and has even identified new genetic variants that have enabled parents to save their children’s lives. Genoox’s unparalleled platform positions it to become an industry leader for personalized medicine solutions.”
“We are excited to kick off this partnership with Triventures, as we continue growing in the U.S. and addressing demand for streamlined, clinical genomics applications,” said Amir Trabelsi, co-founder and CEO of Genoox. “Peter’s extensive experience in applied medicine, research, entrepreneurship and business strategy will add tremendous value to our product and business, allowing Genoox to execute its clinical genetic application strategy and continue to provide patients with better treatments based on their genetic codes and improve healthcare economics.”
Dr. Fitzgerald is a faculty member at Stanford University, has been principal/founder of a number of healthcare companies in Silicon Valley and Israel and is a world-renowned thought leader on transformational health.
In the past year, Genoox has rapidly grown its customer base and initiated partnerships with medical centers and research facilities, including the Center for Genetic Medicine Research at Children's National Medical Center and the University of Michigan. In April, Genoox partnered with Bionano Genomics to create an integrated platform that enhances the detection of disease-causing structural variants in DNA.
Genoox is a genomic analysis company on a mission to make clinical genetic sequencing more accessible and affordable. Using its cloud-based platform, Genoox manages the entire genetic sequencing process from raw data collection to the delivery of clinical actionable insights. By automating data interpretation and providing millions of in-house and public data points through a proprietary search engine, Genoox improves patient outcomes with increased accuracy and efficiency, making personalized medicine a reality. Users across research, clinical and medical facilities can then securely share complex clinical research using a set of customizable tools developed to analyze data and generate actionable reports. In 2017, the Israeli government selected Genoox to analyze the genetic sequencing of more than 100,000 citizens. Co-founded by Amir Trabelsi and Moshe Einhorn in 2014, Genoox has a global footprint, with U.S. presence in Palo Alto and New York City.
Triventures is a venture capital fund that invests in transformational health, from life sciences to lifestyle. The fund focuses on disruptive data driven solutions that implement AI, machine and deep learning to impact the quality, cost and experience of healthcare. To date, Triventures has invested in ventures in personalized medicine, cyber security for healthcare, disease management and adherence, e-commerce health services as well as in device companies in fields such as cardiovascular, orthopedics, colorectal surgery and ophthalmology. The fund is strategically located in Tel Aviv and Silicon Valley, the top two geographical clusters of innovation in the world and has strong partnerships with healthcare industry leaders, providers and consumer electronics companies which enable it to contribute significant value to its portfolio companies when commercially integrating into markets. Among Triventures’ notable strategic investors are Medtronic, Abbott, Boston Scientific, Johnson & Johnson, Cardinal Health and Intermountain Healthcare.