CHICAGO (GenomeWeb) – Genomic analysis startup Genoox announced today that it has raised $6 million in private equity investment and is entering the US market.
Two Israeli venture firms, Inimiti Capital Partners and Glilot Capital Partners, led the round, with participation from several unspecified "investors from the genetic field," Tel Aviv, Israel-based Genoox said.
The firm provides data analytics to help physicians and researchers integrate genomic sequencing information into clinical workflows. The technology supports next-generation sequencing. The company claims that its technology can lower sequencing costs by as much as 90 percent and reduce turnaround time to a few minutes rather than hours or days. This will help make NGS available to community hospitals and "underserved global markets," Arik Kleinstein, co-founder and managing partner of Glilot Capital Partners, said in a statement.
"Genoox wants to make it easier and more cost-effective for medical providers to identify the genetic root cause of diseases and medical conditions," Genoox CEO and Cofounder Amir Trabelsi said in the statement. "Rapid genetic diagnosis can help avoid a costly and frustrating diagnostic odyssey for the patient by enabling providers to treat patients in a faster, more accurate, cost effective manner."
Genoox has its US headquarters in New York, as well as an office in Palo Alto, California. Earlier this year, the Israeli government contracted with Genoox to analyze the genome sequences of more than 100,000 residents of that country.