Mountain View, California based data analysis and management platform DNAnexus announced in a press release today that they have secured $100m in a Series G funding round co-led by Perceptive Advisors and Northpond Ventures with existing investors GV, Foresite Capital, TPG Capital, and First Round Capital joining alongside first-time equity investor Regeneron Pharmaceuticals joining the funding round.
The company says the funding will be used to advance the companies’ global growth and enable them to serve healthcare and life science organisations around the world as they grow their suite of service offerings.
DNAnexus was founded in 2009 by Stanford University professors Serafim Batzoglou and Arend Sidow and Stanford computer scientist Andreas Sundquist with the goal being to address the need for computing infrastructure in DNA sequence analysis with a suite of cloud-based services.
“This financing drives advancement of our data science technologies benefiting our rapidly growing customer base,” said Richard Daly, Chief Executive Officer at DNAnexus.
DNAnexus have a platform that accelerates digital transformation by simplifying complex data analysis, clinical data management, and insights at a scale that was not before possible by bringing genomic, multi-omics, and clinical data securely together on a single scalable platform.
DNAnexus’s platform facilitates the integration of genetic data with other data types and enables collaboration on a global scale allowing distributed research teams access to the same data and analysis tools to advance scientific discovery.
The company claims that their customers use 10 million core processing hours a month and store 28 petabytes of data, a number that has grown 70% per year in each of the last four years.
DNAnexus joins a roster of other companies that are successfully raising funds with smart data platform DefinedCrowd raising $50.5m and LoanSnap raising $10m for their AI platform.
Daly explained why DNAnexus is positioned well for the growth they are experiencing by saying: “The next wave of biomedical insights and treatments will be driven by large-scale clinical, multi-omics, and real-world data resulting from cross-institutional collaborations. Our customers have continued to grow during the current COVID-19 epidemic using the virtual cloud workspace we provide. The trend toward cloud-based data analysis and collaboration is accelerating, and we are at the right place at the right time to future-proof and serve our customers.”
The data analysis and management platform says they’ve processed over 14 petabytes of data and stored 28 petabytes of data to date with their customers now running over 100,000 compute jobs per month which amounts to over 100,000 compute jobs per month.
DNAnexus collaborates with Microsoft to power St. Jude Cloud enabling access to the world’s largest public repository of paediatric cancer genomic data which can be used to accelerate mining, analysis, and visualisation capabilities.
The companies Apollo product allows for customers to upload and integrate data sets for exploration, including clinical, research, and real-world data sets using a range of models that allows for easy visualisation and custom dashboards for reporting on the data sets made up of billions of data points.
Sam Chawla from Perceptive Advisors gave reasoning for their investment by saying: “DNAnexus has changed how global diagnostics and biomedical R&D markets manage their data and infrastructure. We are impressed with the velocity of DNAnexus’ growth, the breadth of its customers and partners, and the company’s dedication to innovation and technology. It couldn’t be clearer that the integration of clinical and genomic data is driving Precision Medicine, and DNAnexus is leading this space.”
As Precision Medicine gains momentum, pharmaceutical, clinical diagnostics, and medical centers understand the need for an enterprise-grade health informatics platform with the latest scaling, security, analytics, and knowledge management technologies.
DNAnexus customers, which include eight of the top 10 clinical diagnostics companies, seven of the top 10 pharmaceutical companies, and over 100 enterprises and prominent national medical centres, use the data analysis and management platform for its machine learning applications and deep learning capabilities.
“The Precision Medicine market is poised to exceed $119 billion by 2026. Many pharmaceutical companies and medical centers are adopting strategies rooted in human genetics because evidence shows that the odds of a drug’s clinical success doubles if associated with specific biomarkers,” said Michael Rubin, M.D., Ph.D, Founder and CEO of Northpond Ventures. “Providing the ecosystem with a tool to analyze and gain insights from all these massive datasets is a difficult undertaking. DNAnexus has a proven product that scales.”
The data analysis and management platform provider now have a team of 66 people with offices in San Francisco, London, and Prague. The funding round brings DNAnexus’s total raised capital to over $268m following on from a $68m Series F funding round in February 2019.
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