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PhenoTips Raises C$2.5M in Seed Funding

NEW YORK — Canadian medical genetics software firm PhenoTips said on Tuesday that it has raised C$2.5 million ($2.0 million) in an oversubscribed seed funding round.

The financing was led by GreenSky Accelerator Fund IV and included participation from Toronto Innovation Acceleration Partners, Thin Air Labs, Yorkville Partners, and angel investors from the GreenSky President's Club.

Established as a joint research venture between the Hospital for Sick Children and the University of Toronto, PhenoTips has developed a system for managing clinical phenotype, genetic, disease, and family history data for patients with genetic diseases. The company also offers a related product for cancer risk assessment.

PhenoTips said it will use the new funding to double its staff to 24 and expand its cloud-based product offerings.

"PhenoTips started eight years ago as an academic research project to help specialists record more standardized patient data at a nearby hospital’s genetics clinic," PhenoTips CEO Orion Buske said in a statement. "Today, we help specialists around the world not just record, but also use this information to help diagnose patients and advance genetics research."