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Genomenon Raises $940,000 in Seed Venture Funding Round

NEW YORK (GenomeWeb) -- Ann Arbor, Michigan-based startup Genomenon today announced it has raised $940,000 in an oversubscribed seed venture funding round. Led by the Michigan Angel Fund, the round also included Detroit Innovate, Invest Michigan, and Three Leaf Ventures, as well as private investors, the company said.

Genomenon — co-founded by CEO Mark Kiel, Chief Scientific Officer Kojo Elenitoba-Johnson and Chief Medical Officer Megan Lim, and based on their work at the University of Michigan on hematopoietic malignancies — has developed genome interpretation software that aims to increase the accuracy of genetic diagnosis.

The firm plans to use the funds from this seed venture round to expand its software development and sales team, and to expand its customer base.

In November, Kiel told GenomeWeb his company had raised about $600,000 in grants through the University of Michigan and elsewhere, $100,000 from a second-place prize it won in the Accelerate Michigan Innovation Competition, and $750,000 from angel investors.  

"Genomenon's vision is to transform the way clinicians and scientists access and interact with genome sequencing data to improve diagnostic accuracy and accelerate scientific discoveries, and these funds will go a long way toward realization of this vision," Kiel said in a statement.