Lifebit, a startup building an automated system which generates and processes genomics data in ‘real-time’, has closed a $3m (£2.25m) Seed round led by Pentech and Connect Ventures.
Beacon Capital and Tiny VC (AngelList) also participated in the investment.
Alongside the round, the company is also announcing the launch of its first product, Deploit, an AI-powered genomic data analysis platform, currently being trialled by pharmaceutical and BioTech companies.
“The problem these organisations face is no longer sequencing vast quantities of genomic data, but rather making sense of this data quickly and affordably,” said Lifebit’s CEO and co-founder Dr. Maria Chatzou.
“This requires new data analysis technologies, which is where Lifebit comes in. Our mission as a company is to enable cloud-based real time genomic analysis at scale, anywhere, by anyone.”
The startup says Deploit democratises access to the cloud for genomic data analysis.
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Lifebit was set up by Chatzou and Dr. Pablo Prieto Barja, the company’s CTO, in the summer of 2017 in Cambridge.
Soon afterwards, it took part in Techstars, a tech accelerator programme, before closing this round and moving to London earlier this year.
The founders will use the cash to continue developing Deploit, adding to an engineering team drawn from tech giants such as Google, Palantir and Illumina.
‘With full human genomics sequencing now heading towards costing $100 and taking less than one hour to complete, we are on the cusp of creating more ‘omics’ data than any other type on the planet,” saud Pentech partner Dr. Sandy McKinnon.
“Taming and organising that data and optimising the cost of processing it, is the first huge problem that Lifebit is solving. But even more exciting are their plans to bring the power of advanced machine learning to allow a much bigger audience to derive insights and value from this data beyond expert bioinformaticians.’
Bill Earner, managing partner at Connect Ventures, went on to note: “We are really impressed with the deep domain knowledge and product understanding that the Lifebit team is bringing to solve some of the major problems in genomics data analysis. The time and cost savings Lifebit offers bioinformaticians are exceptional, while their plans to use machine learning to allow broader audiences to make sense of genomic data are ambitious and transformational.”