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Genome Insight Secures Another $23M in Second Series B Round

NEW YORK – Precision medicine company Genome Insight announced on Wednesday that it closed a $23 million Series B-2 financing round.

The San Diego-based company said in a statement that it plans to use the funds to support its goal of bringing whole-genome-based precision diagnostics into routine clinical care. 

Samsung Venture Investment Corporation, Asan Foundation, SCL Group, and Ignite Innovation, along with existing investors, participated in this round, which follows a Series B round from last year that also raised $23 million. 

"Genomic data has the potential to unlock a new era in healthcare," Young Seok Ju, founder and CEO of Genome Insight, said in a statement. "We envision a future where genomic information is integral to standard patient care."

The company has been developing bioinformatic tools to help diagnose cancers and rare diseases. Earlier this year, it launched CancerVision, a whole-genome sequencing test that analyzes patient data via proprietary bioinformatic pipelines.

The firm has also been actively pursuing partnerships aimed at uncovering the genetics of cancer and rare disease.

Last month, it teamed up with pediatric healthcare system Shriners Children's to develop targeted treatments for adolescent idiopathic scoliosis, and last year it partnered with Seoul National University Hospital to study pediatric solid cancers.

The company spun out of the Korea Advanced Institute of Science and Technology and relocated to San Diego last year.