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Genomenon Raises $5.3M in Financing Round

NEW YORK – Genomenon said on Tuesday that it has raised $5.3 million in a financing round.

The Ann Arbor, Michigan-based firm will use the funding to expand its global commercial operations, which serves genetic testing labs, hospitals, pharmaceutical, and biopharma companies. 

New investors include BroadOak Capital Partners, Green Park & Golf Ventures, Red Cedar Ventures, and Michigan Rise. Current investors, including Invest Detroit Ventures, IrishAngels, Michigan Angel Fund, Invest Michigan, and Atain Specialty Insurance, also participated in the round. 

"Better and more comprehensive tools are clearly needed in this space to get patients properly diagnosed and on treatment more quickly," Lauren Tyra, CSO of Green Park & Golf Ventures, said in a statement. "[Genomenon's] ability to match the right patients with next-generation targeted therapeutics quickly and at scale is a significant advantage to current approaches."

Genomenon's Mastermind Genomic Search Engine allows clinicians to index genomic variants from scientific publications to help diagnose patients suffering from rare and genetic diseases. The firm offers a freemium model that it said makes the engine freely available to a broad range of scientists, academics, and clinicians.

Genomenon also said its Genomic Landscapes helps firms to understand genetic drivers and clinical attributes of genetic diseases, which allows them to accelerate target discovery, identify genetic biomarkers for better clinical stratification, and develop companion diagnostics for regulatory approval.

In recent news for the firm, it signed an agreement with BC Platforms in February to integrate the Mastermind engine into BC's products for rare disease diagnostics research.