NEW YORK – Biomedical software developer Nference said on Tuesday that it has completed a $60 million Series C funding round.
The round was led by Matrix Capital Management, with participation from Matrix Partners, Mayo Clinic Ventures, and NTTVC. The company said it will use the funding to support ongoing development of software and learning models. Its recent projects include understanding critical characteristics of SARS-CoV-2 viral transmission, symptoms and progression of COVID-19, and diagnostic predictions of chronic and life-threatening conditions such as pulmonary hypertension.
The firm's NferX software platform converts biomedical knowledge including scientific literature, clinical and regulatory filings, and genomics and molecular data into computable data, and supports a diverse set of life sciences applications. Through an exclusive collaboration with the Mayo Clinic, Nference deidentifies and synthesizes electronic health records, laboratory reports, pathology images, physician notes, and other data representing millions of patients and hundreds of thousands of physicians and scientists. The company then uses its software platform to find the value in this data for overcoming real-world, life sciences challenges.
"This funding enables expansion of our portfolio, which is catalyzing development of meaningful diagnostics and therapeutics," Nference Cofounder and CEO Murali Aravamudan said in a statement. "Thousands of identified medical disorders and diseases have no approved treatments. The disruptive technologies created by Nference make sense of billions of pieces of siloed, disconnected biomedical data. Collaborations with biopharmaceutical companies, academic medical centers, and health systems keep the focus on patients by advancing the development and delivery of therapies and diagnostics."