NEW YORK (GenomeWeb) – Tute Genomics has raised $2.3 million in a Series A1 funding round led by UK-based Eurovestech with participation from Peak Ventures and unnamed angel investors.
These funds add to $1.5 million in seed round funding that the company announced at the start of the year. Investors in the seed round included Wilmington Pharmatech, Salt Lake Life Science Angels, Peak Ventures, Park City Angel Network, and individual angel investors. Tute also raised an additional $300,000 from AngelList, a fundraising platform for startups, through its new syndicate mechanism.
"We are at a pivotal time in genomics as the healthcare community adopts next-generation sequencing and seeks new approaches for the diagnosis, treatment, and prevention of disease," Tute CEO Reid Robison said in a statement. "With the support of our new and existing investors, this financing will help us achieve our goal of transforming healthcare by bringing genomic insights into routine medical practice."
Tute Genomics launched its first NGS data analysis product in late 2013. The company offers a cloud-based interpretation engine based on the open source software ANNOVAR for annotating and prioritizing genetic variants to help researchers better diagnose disease and develop more targeted treatments. So far, nearly 10,000 samples have already been processed by the platform, and Tute has commercial agreements in place with numerous clinical labs, molecular diagnostic companies, and research institutions, including Brigham Young University and Patients Know Best.
Tute has a software marketing agreement with Advanced Biological Laboratories that lets the latter sell access to Tute's platform in Europe, Africa, and parts of Asia; and an agreement with Lineagen to analyze the results of its molecular diagnostics test for disorders of childhood development. Last month, the company announced a deal with Databiology that allowed both companies to combine their respective solutions. In May, the company signed on to be a member of the Global Alliance for Genomics and Health.