Data-driven medicine is creating a funding frenzy right now, and proof can be seen in the results of the sixth venture capital round for Sophia Genetics. This massively oversubscribed funding round has raised a further one hundred and ten million dollars.
The biotech company has been looking to capture further investment in this new funding round, with a view to support its global expansion plan. Reaffirming the attractiveness of this industry and business is that even banks are joining in the Series F round.
Leading Up The New Funding Round
This sixth new funding round was led by aMoon and Hitachi Ventures, which also had help from Credit Suisse, Swisscom Ventures, and the Pictet Group, to name a few. This successful round now takes the total raised by Sophia Genetics to a total of two hundred and fifty million dollars.
Tomer Berkovitz, aMoon partner, and the chief financial officer who headed up this new funding round, said the following of the results:
“The overall demand for data-driven medicine is rapidly growing, and the next step is to successfully combine multiple sources of data to better address clinicians’ needs.”
“With this shift, more complex data will be generated, and we believe that Sophia’s decentralized model will play a pivotal role in empowering health organizations to offer better patient care.”
Showcasing Solidity Of The Business
Once again, we have seen the solidity in the business and the confidence which Sophia Genetics instills in investors. After all, this is a firm that developed the single largest data-driven medicine community.
Sophia Genetics essentially uses its AI software to simplify things for medical professionals. Its database is able to translate an enormous range of medical sources and offer a snapshot that is easy to digest. We have covered just how vital AI is in healthcare, and this is a company that proves it.
“Since inception, we knew that leveraging a wide range of data modalities powered by cutting-edge technologies was key to sustainably deliver better outcomes to the global healthcare community,” said founder and CEO Jurgi Camblong.
Historical Evidence of Continued Success
There aren’t too many safe bets in the world but this certainly seems as close as an investor can get. Throughout its history, the company has consistently delivered on what it has set out to do.
The SOPHiA Platform, which it designed to analyze genomic profiles, has achieved more than anyone first believed. The platform is used by over a thousand healthcare institutions and has analyzed over six hundred thousand genomic profiles.
What Does The Future Hold For Sophia Genetics?
The goal for this company in particular is much the same as any successful business at this stage, and that is to continue to grow. At Sophia Genetics, expansion is very much in mind, with its heavily focused view on biopharma and its efforts to increase the speed of the development of therapies with specific targets.
Helping out with expansion plans following this new funding round is Didier Hirsch. Hirsch was formerly the CEO of Agilent and now sits on the Board of Directors at Sophia Genetics. It is believed that Hirsch’s experience with taking companies forward is the key reason for his appointment.
Perfectly Positioned To Ride The Wave Of Success
It is not just the company that is growing of course, but also the focus of pharma and healthcare worldwide in seeking a more targeted, data-driven approach to genetic research. We covered the importance of big data in healthcare recently, but the data is worthless without a smart company to create something from it.
It is Tomer’s belief that Sophia is perfectly positioned to be the company which can do just that:
“The overall demand for Data-Driven Medicine is rapidly growing, and the next step is to successfully combine multiple sources of data to better address clinicians’ needs.”
“With this shift, more complex data will be generated, and we believe that SOPHIA’s decentralized model will play a pivotal role in empowering health organizations to offer better patient care.”
This company is only growing in strength and following this new funding round, it has also grown in numbers. The research and the platform which Sophia Genetics has been able to bring to the medical and pharmaceutical sector is phenomenal. There are currently thousands depending on the tech firm and its performance, and with heavier backing, thousands more will as well.
Expect to see this company do some truly spectacular things in the coming years.