Gencove raises $10 million to meet global demand for accessible whole genome sequencing at scale
NEW YORK, NY – October 26, 2021
Gencove, the leading low-pass genome sequencing platform company, today announced the successful close of a $10 million Series A investment bringing the company’s total financing to $16.2 million. The round was led by Lewis & Clark AgriFood with participation from new and existing investors including Spero Ventures, Techammer, Third Kind Venture Capital, and Version One Ventures. Funding will be used for further product development, commercial growth and to build out key business functions.
DNA sequencing has become the foundation for biological advancements by enabling the exploration of genetic variants and structural changes in DNA. Historically, technologies for genetic testing fall into two categories: low-throughput and costly options such as whole genome sequencing, and high-throughput but limited technologies like genotyping arrays.
Gencove solves the too much or too little quandary by combining low-pass whole genome sequencing (reading the DNA fewer times) with a proprietary software-as-a-service (SAAS) computation layer. The result is a unique high-throughput and cost-effective whole genome sequencing solution.
“We believe the next revolution in genomics will be driven by software,” said Joseph Pickrell, Ph.D., co-founder, and CEO of Gencove. “It’s rewarding to work with investors who recognize the value our platform provides to the agricultural, biotechnology, clinical testing, and pharmaceutical industries.”
In addition to Gencove’s low-pass whole genome sequencing and SAAS platform, the company has developed large cross-species genomic datasets and reference panels. For its customers, these data equate to greater accuracy, more meaning, and increased research flexibility, today and in the future.
“Gencove’s platform and datasets can help unlock the genetic underpinnings of our health and wellbeing,” said Larry Page, Ph.D., managing director at Lewis and Clark AgriFood. “We are thrilled to be part of a company whose technology has such broad consumer and industrial applications from agrigenomics, biotechnology, virology to medical diagnoses, disease susceptibility, and response to medical treatment.”
“The new round of funding will enable us to systematically address the significant demand for industrial-scale genomics we’re seeing in the market,” said Tomaz Berisa, Ph.D., Gencove’s co-founder, and CTO. “We look forward to bringing our novel genomics platform to more customers as quickly as possible to support their important work.”