NEW YORK (GenomeWeb News) – Personalized medicine software startup Intervention Insights of Grand Rapids, Mich., has reeled in $7.2 million in Series B financing, which it plans to use to expand its commercialization efforts, venture capital firm Beringea said Tuesday.
Led by Mich.-based Beringea, the funding round also included investments from Chrysalis Ventures, Hope Life Sciences, the Michigan Accelerator Fund, and other existing investors.
The firm plans to expand commercialization of its OncoInsights software product, which is based on a bioinformatics platform that it licensed from the Van Andel Research Institute.
The OncoInsights service matches a patient's cancer profile of more than 22,000 genes to the molecular mechanisms of action for more than 300 drugs. The service produces an electronic interactive report that ranks therapies that may target a patient's cancer in order to support oncologists as they make treatment decisions.
As part of the investment Beringea Managing Director Michael Gross and Chrysalis Managing Director Koleman Karleski have joined Intervention Insights' board of directors.
"Our new funding positions us well in the emerging personalized oncology market and allows us to expand our service offerings to support community oncologists," Jerry Callahan, Intervention Insights CEO, said in a statement.