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.
It was a packed house at Zingerman’s Roadhouse this week for a panel on the best options for financing your company. It’s always worth it to get up for a 7 am breakfast here, because you are guaranteed to meet amazing new friends in the Ann Arbor business world, and because if you stay the full 2 hours your clothes will smell like the Zingerman’s barbecue smoker all day. The panel at this Leaders Connect breakfast hosted by executive coach, psychologist, and University of Michigan professor Dr. Rob Pasick included President of the Technology Industry Group at Bank of Ann Arbor Michael Cole, Managing Partner and Co-Owner of BBC Entrepreneurial Training & Consulting Kris Bergman, VC Evan Ufer of Plymouth Growth Partners, serial entrepreneur Mike Klein who is currently CEO of genomics startup Genomenon, and Skip Simms who is Senior VP of Ann Arbor SPARK and managing partner of the Michigan Angel Fund.
The market for software development teams serving software companies is saturated, at least in Ann Arbor, where Alfa Jango founder Steve Schwartz has started and/or sold several startups himself alongside helping other new companies. That’s why he decided several years ago to focus on helping non-tech startups get the software development and guidance they would need so they could focus on the subject area they were expertise in. The results speak for themselves. Alfa Jango now serves clients that hail from YCombinator to Carnegie Mellon to the University of Michigan, and after selling startup Carcode to Edmunds in 2014 with a co-founder, Schwartz has now started another company called Genomenon on the side, which true to his vision uses his technical expertise on the tech side but focuses primarily on creating a genome interpretation software that empowers genomicists to compile and analyze research on immune disorders and cancer to better serve patients–rather than worrying about the software that allows them to do their work. Genomenon helps companies develop therapies or precision medicine to treat root causes of disease instead of symptoms, or build their knowledge database.