NEW YORK – Lifebit Biotech said Thursday that it has closed a £6 million ($7.5 million) Series A funding round. Idinvest Partners led the round, with participation from previous investors Pentech Ventures, Beacon Capital, and Connect Ventures.
London-based Lifebit said that it will use the cash infusion to expand its market globally and to continue product development.
The news follows on the heels of the firm's release of an update to its Lifebit CloudOS, a cloud-native, federated genomics operating system that functions as a managed service of individual clouds or high-performance computing centers to support analysis of bioinformatics data across sites and institutions. Notably, CloudOS version 2.0 integrates a new feature called Biobank Data Browser for querying large sets of structured omics, phenotypic, and clinical data from sources including the UK Biobank.
"This financing comes at a pivotal time as we are rapidly expanding our global presence, accelerating product innovation, and continuing to grow our team of world-class engineers and bioinformaticians," Lifebit CEO Maria Chatzou Dunford said in a statement. "With our partners and customers, we are pushing forward the frontiers of health and creating a more integrated, accessible landscape of knowledge that enriches life and enables meaningful breakthroughs."