Startup Healthtech Accelerating Genetic Disease Research Raises $ 11 Million in Series A Funding
- Sano Genetics is building patient-friendly and people-friendly research matchmaking technologies to help pharmacies and biobanks make discoveries and develop personalized treatments faster and more cost-effectively.
- Drug development takes 10-15 years, and many drugs never leave R&D because recruitment is painful, participant dropout rates are high, and costs are prohibitive.
Healthy Geneticsco-founded by three genomics graduates from the University of Cambridge, it raised $ 11 million in a Series A funding round led by MMC Ventures, with additional funding from Episode 1, Seedcamp and several angelic investors.
These include Paul Forster, co-founder and former CEO of Indeed, Paul Wicks, former Vice President of Innovation at PatientsLikeMe, and Margo Georgiadis, former CEO of Ancestry.com.
The startup has developed a software platform that connects patients living with rare and chronic diseases, such as Long Covid, multiple sclerosis, Parkinson’s and Alzheimer’s, directly with biotech and pharmaceutical companies driving research into personalized medicine – a market worth 52 , $ 4 billion in 2020 and planned to reach $ 112.8 billion by 2027.
It also offers its biotech and pharmaceutical customers the ability to enhance branded portals for recruiting and engaging participants, on a national or global scale.
Sano Genetics raised £ 500,000 in upfront funding in 2018 and £ 2.5 million in upfront funding in 2020, which has helped bring the platform into the hands of more customers, including precision medicine developers BenevolentAI, ESCAPE Bio and demographic-scale biobanks such as NIHR BioResource.
The company has doubled its revenue every six months since its inception and has established strong partnerships with leading genetic biobanks in the UK and Australia, as well as patient groups.
The company will use this latest round of funding to grow its team in the United States and Europe and will develop its platform to meet demand in more than 50 diseases and in more than 6 countries by mid-2023.
In addition to accelerating the development of new drugs, Sano Genetics aims to greatly improve the experience of those taking part in potentially life-changing research. Attendees receive regular updates and insights based on their genetic profiles and have total control over their data from the intuitive and private user interface by design.
There is no charge for participants, who use home DNA kits to participate. Sano Genetics operates a subscription model, charging its pharmaceutical, biotech and healthcare customers for the use of its platform.
Dr Patrick Short, CEO and co-founder of Healthy GeneticsHe says:
“It still takes 10 to 15 years for the new drugs to reach patients and many will never leave R&D because the costs are prohibitive. This injection of funds brings us closer to our mission of building the platform that we and many others – patients and researchers – wish were available ten years ago. One that will make research much faster, more convenient, and a far better experience for patients. “
Charlotte Barttelot, investor at MMC Ventures, says:
“Since we met Patrick and the Sano team, we have been consistently impressed with their unwavering strategy to promote access and success in personalized medicine. To deliver on the promise of this new approach to treatment, there is an urgent need to address the biggest problems in clinical trials: patient recruitment and engagement. This is where Sano’s innovative software platform, which allows them to interact directly with patients, biotechnology and the wider healthcare communities, can be transformative for the future of personalized medicine. “
Notes to the editor
About Healthy Genetics
Based in Cambridge, UK, Sano Genetics was founded in 2017 by three genomics students: Charlotte Guzzo (COO), Patrick Short (CEO) and William Jones (CTO).
Help accelerate research into precision medicine by finding people who wish to contribute to the studies and helping them to do so effortlessly and on their own terms. Its platform adopts widespread innovations in other industries, such as intuitive digital interfaces, dynamic personalized feedback, and an emphasis on privacy, packaged as an end-to-end service that allows people to conduct global studies from their homes. https://sanogenetics.com/
About MMC Ventures
MMC funds and helps grow the tech companies that are transforming today’s markets. MMC has been supporting transformative technology companies since the Seed and Series A phase since 2000. MMC is committed to understanding the underlying technology and business model of each company to help make better decisions and be more effective partners.
Transformative technology companies that MMC has supported to date include Gousto, Current Health, Copper, Ably, Signal AI, Tyk, Bloom & Wild, and Peak.
Explore MMC research and other useful information on www.mmc.vc.
Sano Genetics secures £ 8.3m Series A investment led by MMC Ventures – UK Tech Investment News
Source link Sano Genetics secures £ 8.3m Series A investment led by MMC Ventures – UK Tech Investment News