NEW YORK – Genomenon said Thursday that it has completed a Series B funding round worth $20 million. Beringea and Spring Mountain Capital led the round, with participation from new investors BroadOak Capital Partners and Riverine Ventures and existing backers Green Park & Golf Ventures, the University of Michigan, IrishAngels, Red Cedar Ventures, Michigan Rise, Invest Detroit Ventures, Michigan Angel Fund, and Atain Specialty Insurance.
Ann Arbor, Michigan-based Genomenon said it would apply the new investment to expand commercial operations, including its workforce, and to accelerate development of its genomic data hub.
"Coming on the heels of a successful 2021 where the company once again more than doubled its revenue and customer base, Genomenon will use the new funds to grow its commercial team to reach new customers around the world," CEO Mike Klein said in a statement. "Our [artificial intelligence]-driven technology enables genomic insights to support clinicians in patient diagnosis and scientists developing precision medicines."
The new cash infusion comes after Genomenon closed a $5.3 million Series A round a year ago.