Cloud storage service provider DNAnexus has recently raised $100 million after a recently concluded funding round, said Tech Crunch. The fund, which is the firm’s biggest ever, will be used to develop its genomics and clinical data platform.
The company, which branched off from Stanford’s School of Medicine, is known for its cloud storage services to various institutions such as universities, governments, doctors, and pharmaceutical firms.
It primarily deals with DNA and other clinical data, which are used for scientific research and collaboration. With the new funding, the DNAnexus will be expanding its solutions and its case applications, especially in light of the pandemic.
Tech Crunch noted that there is an increase in scientific research involving clinical info because of the outbreak.
Two of the most prominent product from the company are Apollo and Titan, complementary programs that handle data. According to Venture Beat, Apollo is a platform that lets clients upload and integrate sets for research. It is often used to interpret billions of info.
Meanwhile, the platform-as-a-service Titan is designed for scalability purposes. It can scale to thousands of machines and millions of entries.
DNAnexus chief executive officer Richard Daly said, “this financing drives advancement of our data science technologies befitting our rapidly growing customer base.” He added that the firm’s customers are growing amidst the pandemic with the use of cloud-based solutions.
Their clients primarily use virtual cloud workspaces. The company is anticipating a trend leaning to cloud-based analysis and collaboration. Daly remarked that “the next wave of biomedical insights and treatments will be driven by large-scale clinical, multi-omics, and real-world data using collaborations.”
The Series G round was led by Perceptive Advisors and Northpond Ventures, two investment companies known for their support in science and biotechnology. The round was also participated by Foresite Capital, TPG Capital, and First Round Capital.
Aside from these previous financers, DNAnexus also obtained funding from a new participant, Regeneron Pharmaceuticals, which has been on the move to develop therapies to address the current pandemic.
To date, DNAnexus has garnered $217 million prior to the Series G funding round. Previous investors include Microsoft and Felicis.
Aside from the fund, the company has also established partnerships with remarkable organizations such as the UK Biobank, which is known for its academic-run data trove. IT also deals with genomic and clinical info encompassing around 500,000 data from volunteers.
