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Nference Raises $60M in Series B Investment Round

NEW YORK – Nference said Wednesday that it has closed on a $60 million Series B financing round. The bulk of the funding came from Mayo Clinic Ventures, with participation from NTT Venture Capital.

Cambridge, Massachusetts-based Nference, which makes augmented intelligence and deep-learning software, is developing a platform for synthesizing biomedical knowledge from scientific, regulatory, and commercial literature to support drug discovery and development, drug life cycle management, and precision medicine. The company said that it would use the new funding to further this development.

"Our platform makes the predominantly unstructured health information such as clinical notes, case reports, scientific literature, pathology images, ECG waveforms, and genomic sequences computable," Nference Founder and CEO Murali Aravamudan, said in a statement. "Causal inference of genotype-phenotype relationships necessitate such triangulation-at-scale across differentiated bodies of biomedical knowledge."

"We are thrilled to amplify the impact of data science with our biopharmaceutical partners who leverage our platform in order to pursue a broad spectrum of therapeutics and digital health applications to benefit patients," added Nference Founder and Chief Scientific Officer Venky Soundararajan.

Nference and Mayo Clinic had previously formed a joint venture, Qrativ, to synthesize and analyze genomic and clinical data from publicly available databases as well as from research generated at Mayo in hopes of informing drug discovery.

Nference also raised an $11 million Series A round in 2018, led by Matrix Partners with participation from previous investor Matrix Capital Management.