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Euformatics Raises €350K in Seed Investment Round

NEW YORK (GenomeWeb) – Finnish genomic data startup company Euformatics announced today that it has raised €350,000 ($391,000) in a seed financing round.

The company said it will use the funds, which were raised from Tekes — the Finnish Funding Agency for Technology and Innovation — and angel investors, to expand the use of its clinical software products around the world.

The company currently markets and sells two products. OmnomicsQ is a quality control software that helps users manage the quality of their analysis workflows and ensure that their activities meet best practices and guidelines from the College of American Pathologists, EuroGentest, and other regulatory bodies. Its other product, OmnomicsNGS, is an annotation and variant interpretation tool that draws in information from databases maintained by the National Center for Biotechnology Information and the European Bioinformatics Institute. It also generates clinical reports.

"Next-generation sequencing unlocks your genomic data, which enables personalized treatment," said CEO Jussi Volanen in a statement. "As the complexity is increasing, hospitals and clinical laboratories need tools to use the genomic data. We provide those tools: OmnomicsQ for data quality management and the CE-marked OmnomicsNGS for interpreting the results."

Euformatics launched OmnomicsQ in April 2015 and received CE marking for OmnomicsNGS in February. "Our main focus has been high-throughput data in research and then in an applied context like in diagnostics and other clinical research," Co-founder and CSO Christophe Roos told GenomeWeb in February. "In the beginning it was microarray analysis, but then came the NGS explosion and ... we have gone from high-throughput data to high-throughput sequencing data."

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