Health tech company Genomics PLC has raised £35m to develop its risk estimation technology for the prevention of common diseases and cancers.
Formed at the University of Oxford in 2014, the spinout has created proprietary algorithms and databases to link small variations of genomes across large datasets to generate risk assessments for health issues across entire populations.
The company claims its method of polygenic testing – an analysis of disease risk stemming from a person’s genes – provides insights to people who would otherwise be missed by the system.
The latest funding round, first reported by the Financial Times, was led by F-Prime Capital and Foresight Partners, which were joined by Infinity Investment Partners and MassMutual.
“Our vision is that in 10 to 15 years’ time, genetic information will be ubiquitous in healthcare systems,” said Genomics CEO Sir Peter Donnelly.
“In a couple of years’ time, there’ll be millions of people in the UK who have personalised risk information based on our tools. We’ve built a very unique resource inside the company, effectively by sucking in 10,000s of different data from 10,000s of different research studies.”
The fresh capital injection follows the company’s $30m (£23.6m) round in 2021 from F-Prime Capital, Foresight Partners as well as Lansdowne Partners and Oxford Science Enterprises.
Genomics has raised more than $100m since it was founded. Donnelly said the latest funding round would support the expansion of its workforce as the company aims to achieve profit.