Israeli genomic analysis company Genoox announced it has closed a $6 million financing round led by Triventures and with the participation of previous investors Inimiti Capital and Glilot Capital Partners. The startup strives to make it easier for doctors, clinicians and researchers to analyze and act on genetic sequencing results by applying various clinical applications.
Genoox employs machine learning algorithms to analyze large amounts of genetic data, is transforming this market from point testing solutions to broader tests that can cover large parts of the genome. In 2017, Genoox was chosen as a partner of the Israeli government, tapped to analyze the genetic sequencing of more than 100,000 citizens.
Genoox was founded in 2014 by CEO Amir Trabelsi and CTO Moshe Einhorn. Trabelsi said, "We are excited to kick off this partnership with Triventures, as we continue growing in the US and addressing demand for streamlined, clinical genomics applications. Peter’s extensive experience in applied medicine, research, entrepreneurship and business strategy will add tremendous value to our product and business, allowing Genoox to execute its clinical genetic application strategy and continue to provide patients with better treatments based on their genetic codes and improve healthcare economics.”
“As a doctor, having access to personalized medicine will transform how we provide care and empower us to deliver the right treatment at the right time,” said Dr. Peter Fitzgerald, Triventures’ co-founder and managing partner, and Genoox board member. “We invested in Genoox because the company is led by a superb, multidisciplinary team that has developed a robust and scalable platform differentiated by its accurate, clinical genomic analysis and treatment recommendations. The platform makes it simple and cost-effective to identify the genetic root causes of disease and medical issues, and has even identified new genetic variants that have enabled parents to save their children’s lives. Genoox’s unparalleled platform positions it to become an industry leader for personalized medicine solutions.”
In the past year, Genoox has rapidly grown its customer base and initiated partnerships with medical centers and research facilities, including the Center for Genetic Medicine Research at Children's National Medical Center and the University of Michigan. In April, Genoox partnered with Bionano Genomics to create an integrated platform that enhances the detection of disease-causing structural variants in DNA.
Published by Globes [online], Israel business news - www.globes-online.com - on May 16, 2018
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