NEW YORK (GenomeWeb) – Life sciences startup Genomics Medicine Ireland said today that it has raised $40 million in Series A funding which it intends to use to establish a genomic research and development program in Dublin.
Participants in the Series A included ARCH Venture Partners, Polaris Partners, the Ireland Strategic Investment Fund, and GV (formerly Google Ventures).
According to GMI, the new funding will support comprehensive population-scale genome studies, results of which may improve understanding of the genetic and lifestyle factors involved in disease, and contribute to the development of diagnostics, targeted therapies, or new strategies for disease prevention and wellness.
Founded in Ireland last year by life science entrepreneurs, investors, and researchers, GMI's platform is based on that of Iceland's Decode Genetics, an Amgen subsidiary.
GMI hopes to mirror advances Decode made in population genomics, but also broaden its model to allow for validation of discoveries toward practical applications that directly benefit patients.
The company said it believes it can create 150 jobs over the next three years in advanced genomic research and is actively engaged in talks with a number of clinical collaborators across Ireland. It expects to announce its first collaboration with an Irish hospital in the next few weeks.
Acting CEO Daniel Crowley said in a statement that GMI believes that "the size and characteristics of the Irish population can powerfully advance scientific discovery as researchers are able to pinpoint variations in DNA relevant to disease and useful for improving medicine."
Paul Thurk, Managing Director of ARCH Venture Partners Europe and Founding Director of GMI highlighted in a statement that ARCH has seed-funded several other important genomics companies over the past 20 years, including, Decode, WuXi NextCode, and Illumina.