Investment from leading technology and healthcare investors will accelerate the growth of the global platform for genomic data
The global platform aims to empower institutions and individuals to realize the full value of their genomic data - to benefit human health and contribute to advancing precision medicine
SHANGHAI and CAMBRIDGE, Mass. and REYKJAVIK, Iceland, Sept. 7, 2017 /PRNewswire/ -- WuXi NextCODE, the global platform for genomic data, today announced the successful completion of a $240 million 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 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."
"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 Neil Shen, founding and managing partner of Sequoia China. "Sequoia China attaches great importance to investment in genomics and precision medicine. In leading WuXi NextCODE's latest financing round, Sequoia China is able to support the company to build out a standard platform to efficiently turn sequence data into benefits for people worldwide. This is truly where healthcare and technology meet."
"Our mission is to enable anyone to use the genome so that everyone can benefit from it," said Dr. Ge Li, chairman of WuXi NextCODE and founder and chairman of WuXi AppTec. "That is why we are building the global platform for genomic data and why we so pleased to have attracted such a stellar group of investors who not only share our vision but are uniquely positioned to support our growth. 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."
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; the commercialization of its consumer solutions for the China market; and ultimately by enabling individuals to take charge of their own genomic data and deploy it to advance health and healthcare.
About WuXi NextCODE
WuXi NextCODE is a fully integrated contract genomics organization (CGO) building the global standard platform for genomic data. With offices in Shanghai; Kendall Square in Cambridge, Massachusetts; and Reykjavik, Iceland, we serve the leading population genomics, precision medicine, diagnostics and wellness initiatives and enterprises using the genome to improve health around the world. Our capabilities span study design, sequencing, secondary analysis, storage, interpretation, scalable analytics, and AI and deep learning – all backed by the most proven and widely used technology for organizing, mining and sharing genome sequence data. We are also applying the same capabilities to advance a growing range of sequence-based tests and scans in China. WuXi NextCODE is a WuXi Group company. Visit us on the web at wuxinextcode.com.
SOURCE WuXi NextCODE