SOPHiA GENETICS has finished a Series E round of funding securing $77 million (£60 million), bringing its total funding amount to £110 million.
Founded in Switzerland seven years ago SOPHiA GENETICS provides a software-as-a-service in the form of machine learning to medical institutions, which enables doctors to narrow down the search for mutations and anomalies in genetic datasets.
Currently its services are used in over 850 hospitals across 77 countries providing supporting diagnosis for over 300,000 patients.
The enterprise has over 180 genomic applications covering multiple disorder areas. By analysing genetic datasets of patients doctors can quickly learn key information about hereditary cancers and cardiac diseases.
Dr. Jurgi Camblong, CEO and Founder of SOPHiA GENETICS commented in the announcement that: “Since we founded the company, our goal has been to help make the global healthcare system more sustainable.”
“By helping clinical researchers leverage their expertise and work together as a community, patients all over the world can receive equal access to better care. Generation Investment Management and SOPHiA GENETICS are guided by the same belief.”
The genomics enterprise has stated that they will use the money raised in this round of funding to continue to grow the network of hospitals using its SaaS offering and will pay particular attention to growing its presence within the US market.
This funding round was led by Generation Investment Management. Co-founded by Al Gore the long-term investment company predominantly backs enterprises which are considered socially responsible. Generation Investment Management is also taking a 10 percent share in SOPHiA GENETICS.
“Generation are delighted to partner with SOPHiA GENETICS. We believe that leveraging genetic sequencing and advanced digital analysis will enable a more sustainable healthcare system. SOPHiA GENETICS is a leader in the preventive and personalized medicine revolution, enabling the development of targeted therapeutics, thereby vastly improving health outcomes,” commented Lilly Wollman co-head of Generation’s Growth Equity team.
Also taking part in this round of funding was Balderton Capital, Alychlo and Idinvest Partners.
One of the early investors in the Swizz start-up was Invoke Capital a venture capital fund founded by Mike Lynch former CEO of Autonomy Plc which was sold to HP. Mr Lynch did have a seat on the board of SOPHiA GENETICS, but he stepped down from his position just before this funding round ended.
Mr Lynch is currently charged with 14 counts of conspiracy and fraud by the US federal prosecutors stemming form the $11 billion sale of Autonomy to HP in 2011, HP had to write off three-quarters of the companies values before reselling it at a massive loss.