DNAnexus raises $58m for its cloud genomics platform
California-based DNAnexus has raised $58m in a round led by Foresite Capital and featuring participation from GV (formerly Google Ventures), and Microsoft. DNAnexus has developed a cloud-based platform enabling scientists from all fields to access and manage DNA sequencing information, and recently integrated Google Brain’s DeepVariant into the platform. DNAnexus CEO Richard Daly said the funds would be used to expand its presence in the clinical trials sector and help launch the company's translational medicine solutions.
Mountain View, California-based DNAnexus has closed a $58 million financing round.

The round was led by Foresite Capital. Strategic investment came from Microsoft. Additionally, TPG Biotech, WuXi NextCODE, GV (formerly Google Ventures), MidCap Financial and Claremont Creek Ventures participated.

The startup’s cloud-based platform is designed for researchers in various industries, such as clinical diagnostics, biopharma, bioagricultural and government. Through it, scientists can manage, access and analyze sequencing data. Overall, the company offers a global network that enables organizations to improve their genomics programs.

“DNAnexus is a true pioneer and trusted brand in cloud-based platforms for research and precision medicine,” Jim Tananbaum, founder and CEO of Foresite Capital, noted in a statement. “As the volume of biomedical information continues to increase, the DNAnexus platform and upcoming product releases catalyze collaboration, data sharing and machine learning on which the development of precision medicine depends.”

In a news release, DNAnexus CEO Richard Daly said the $58 million will help the startup develop and launch its translational medicine solutions and expand its reach in the world of clinical trials.

This isn’t the company’s first rodeo in the fundraising realm.

In 2011, it secured $15 million in a round led by Google Ventures and TPG Biotech. Felicis Ventures, First Round Capital, SoftTech VC and K9 Ventures also participated. In early 2014, it raised $15 million in a Series C round led by Claremont Creek Ventures, Google Ventures, TPG Biotech and First Round Capital.

More recently — in May 2017 — San Diego-based Rady Children’s Institute for Genomic Medicine implemented DNAnexus’ platform to assist with its work on whole genome sequencing.

It also teamed up with AstraZeneca on an initiative to analyze two million genomes. The pharma company launched the project and an in-house Centre for Genomics Research in April 2016.

In December, the company integrated Google Brain’s DeepVariant tool onto its cloud platform.

Photo: Abscent84, Getty Images