Genomics AI startup Genomenon rapidly expands genomics data userbase, raises $20 million
By Laura Cowan
Laura K. Cowan is a tech editor and journalist whose work has focused on promoting sustainability initiatives for automotive, green tech, and conscious living media outlets.
Genomenon leadership Steve Schwartz, Mike Klein, Mark Kiel, and Candace Chapman at the startup's headquarters in Ann Arbor.
Genomenon, Ann Arbor's AI-driven genomics company, recently announced closing a $20 million Series B financing round. The funds will help expand the company’s commercial operations and the development of its genomic data hub. The Genomenon data hub works with genetic testing labs, hospitals, and biopharma companies by using artificial intelligence to organize genomic data and make it available to clinicians to diagnose patients with rare genetic diseases and cancer. The goal is to use genomics data to create precision medicine that target molecular drivers of disease.
To date, Genomenon has raised $35 million from investors and grants. The latest financing round was led by Beringea and Spring Mountain Capital, with increased participation from BroadOak Capital Partners and Riverine Ventures joining as new investors, and continued support by the company’s current investors, including Green Park & Golf Ventures, the University of Michigan, IrishAngels, Red Cedar Ventures, Michigan Rise, Invest Detroit Ventures, Michigan Angel Fund and Atain Specialty Insurance Company.
“Coming on the heels of a successful 2021 where the company once again more than doubled its revenue and customer base, Genomenon will use the new funds to grow its commercial team to reach new customers around the world,” said Mike Klein, Genomenon's CEO. “Our AI-driven technology enables genomic insights to support clinicians in patient diagnosis and scientists developing precision medicines.”
Genomenon’s Mastermind Genomic Search Engine is used by more than 1,000 genetic testing labs and hospitals worldwide to provide clinical insight into the scientific literature on genomic data. Its Prodigy Genomic Landscapes are used by top pharma and biopharma companies to research the genetic drivers of disease. Datasets from Genomenon help companies identify genetic biomarkers for clinical trials and develop diagnostics.
“As proliferation of sequencing drives exponential growth in the new frontier of genomic informed precision medicine, Genomenon’s AI driven technology platform is the ideal solution to bring life changing therapies to patients while enabling Pharma to more efficiently discover and develop new targeted therapies,” said Michael Gross, managing director at Beringea. “We are excited to partner with Genomenon’s world-class management team to continue to drive industry wide adoption of this transformational platform.”
Genomenon's technology has led to quick adoption in the market because of the need to understand genomics to create precision medicine for rare genetic diseases and cancers. The startup's Mastermind Genomic Search Engine is free for use by scientists, academics, and clinicians, and is currently used by nearly 20,000 users in 140 countries.