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Veritas Genetics Raises $30M in Series B Financing Round

NEW YORK (GenomeWeb) – Veritas Genetics has raised $30 million in a Series B financing round, the company said today.

Veritas, a spinout from Harvard Medical School that launched a $999 whole-genome sequencing service earlier this year, has now raised $42 million since 2015. 

New investors Trustbridge Partners and Jiangsu Simcere Pharmaceutical led the Series B round, and were joined by existing investor Lilly Asia Ventures. The company plans to use the proceeds to support the expansion of its product portfolio and operations, and to develop partnerships with researchers and hospitals around the world.

Further, the company has also made some additions to its management team. It has appointed Tim Smith as chief operating officer to focus on building the firm's infrastructure to enable global genomic services. It has also hired Rodrigo Martinez as chief marketing and design officer to focus on developing a consumer engagement platform, and Doug Flood as chief commercial officer to help spur growth by developing partnerships with researchers, clinicians, and international commercial entities.

"This investment is not only a sign of confidence in our team and the company but one for the entire genomic industry," Veritas CEO Mirza Cifric said in a statement. "We are excited to have our new investors, which include world-class teams with strategic value in the US and Asian markets, as we expand globally."

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