NEW YORK (GenomeWeb) – Deep Genomics has raised $3.7 million in seed financing in a funding round led by True Ventures with participation from Bloomberg Beta and unnamed angel investors.
The Toronto-based bioinformatics company plans to use the funds to grow its team of machine learning and genome biology experts and to further develop and validate its proprietary deep learning technology. The added talent will enable Deep Genomics to improve its ability to determine the impacts of genomic alterations on various cell mechanisms in the context of diagnostics, personalized medicine, and pharmaceutical development, the company said.
Deep Genomics is seeking to build a business around a series of products that use machine learning techniques to identify genetic variants that alter cellular biochemistry and lead to the development of cancer and other genetic diseases. Earlier this summer, it launched its first product for the market, a tool called the Splicing Index (SPIDEX), which leverages the company's technology to search a database of millions of genetic mutations culled from peer-reviewed resources.
Deep Genomics CEO Brendan Frey said that the company is currently working with hospitals as well as biotechnology and pharmaceutical companies to test Deep Genomics' system on genetic data from patients.
"With our unique technological approach, we are looking to create a shift in the current genomic medicine landscape," he said in a statement. "With this funding, we will bring the best minds in machine learning and genome biology to the team, further develop our genetic interpretation engine, and test it experimentally."