NEW YORK – Variantyx said on Monday that it has raised $20 million in a Series C financing round to further advance its whole-genome sequencing-based testing method into oncology. The method is currently used for diagnosing rare inherited and neurological disorders.
The funding round was led by GHS Fund (Quark Venture LP and GF Securities) and includes new investor IBM Ventures and current investors Pitango Venture Capital, New Era Capital Partners, and 20/20 HealthCare Partners. Quark Venture Chief Scientific Officer and Partner Zafrira Avnur will join the Variantyx board of directors in conjunction with the fundraising.
Boston-based Variantyx said it will use the new funds to develop its technology for cancer testing and to expand sales.
"The funding will make it possible for Variantyx to extend our technology to comprehensive tumor diagnostic solutions allowing for faster diagnosis and implementation of personalized treatment plans," Variantyx CEO Haim Neerman said in a statement. "Reducing the time to diagnosis and providing patients with a truly personalized analysis of their unique cancer will provide a better outcome for patients, allowing them to begin the most appropriate cancer treatment sooner."
Variantyx offers its WGS-based testing service, called Genomic Unity, out of its CLIA/CAP laboratory. In 2019, the firm said it received a $7 million investment from Israel's Pitango Venture Capital. The company also previously said it would integrate its testing pipeline with FDNA's Face2Gene phenotyping technology.