NEW YORK (GenomeWeb News) – JumpStart, a non-profit venture development organization based in Cleveland, said on Tuesday it is committing $250,000 to GenomOncology, an Ohio-based startup developing tools and software for analyzing genomic sequencing data for clinical applications.
GenomOncology's technology is designed to detect and analyze genetic mutations, and the Westlake, Ohio-based company plans to be a one-stop shop for analyzing large volumes of data and turning it into useful information for clinicians, said JumpStart.
It added that GenomOncology continues to raise capital in the current round and plans to use the $250,000 funding to develop a go-to-market strategy, build out its management team, and secure its first commercial contracts.
According to a document filed with the US Securities and Exchange Commission a month ago, GenomOncology raised $1.25 million toward a targeted $2 million round. Five investors participated in the round, though the company did not identify them.
About $240,000 will be used to pay people related to the round, GenomOncology said in its document, which identifies Manuel Glynias as an executive officer and director; Brad Wertz as a director; and Lee Zapis as a director.
It is unclear if the funding announced this week is part of the $2 million targeted round. Company officials did not respond to an e-mail seeking comment.