AsianScientist (Sep. 15, 2017) – WuXi NextCODE, a global platform for genomic data, has successfully raised US$240 million in Series B financing.
The company extended and completed the Series B round with investment from a consortium led by Sequoia China and including Temasek, Yunfeng Capital and 3W Partners. Temasek, Yunfeng and 3W also participated in the initial Series B round in May alongside Amgen Ventures and other existing long-term investors and partners. China Renaissance Group is the sole financial advisor to WuXi NextCODE in the latest financing round.
“The success of this financing round, which includes some of the top technology and healthcare investors worldwide, underscores the breadth and depth of confidence in our vision: to serve as the global platform for using genome data to advance global health,” said Mr. Hannes Smarason, CEO of WuXi NextCODE.
“We have the unique expertise and now the resources to execute on this strategy. We plan to continue to push the leading edge of technology for digitizing, managing and analyzing genomic big data, including through our pathbreaking AI, and to put it at the service of ever more enterprises, institutions, and individuals around the world,” he added.
Mr. Neil Shen, Founding and Managing Partner of Sequoia China, noted that Sequoia China attaches great importance to investment in genomics and precision medicine. Hence, in leading this financing round for WuXi NextCODE, Sequoia China is able to support the company in building a standard platform to efficiently turn sequence data into benefits for people worldwide.
“Genomics is an intrinsically global big data opportunity of unprecedented scale, and with breakthroughs in artificial intelligence, there will be explosive growth opportunities in the field of precision medicine,” said Shen.
“Only a platform with millions of genomes can provide the network effect and knowledge base that enable everyone to derive greater benefit, continually attracting more users, more data, and delivering ever more powerful health insights to serve people and patients everywhere,” said Dr. Li Ge, chairman of WuXi NextCODE and founder and chairman of WuXi AppTec.
WuXi NextCODE is using the proceeds from this round to accelerate the extension of its platform infrastructure and to bring new users and data onboard through precision medicine and diagnostics partnerships. It also seeks to further commercialize its consumer solutions for the China market, ultimately enabling individuals to take charge of their own genomic data and deploy it to advance health and healthcare.
Source: WuXi AppTec; Photo: Shutterstock.
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