The venture capital arm of search engine giant Google and growth investor TPG Biotech have led a $15m Series B financing round for DNAnexus, a cloud-based DNA data management and analysis platform.
The firms joined institutional investors First Round Capital, SoftTech VC, K9 Ventures, and Felicis Ventures in the round, which will help the company to expand its team and accelerate product development.
DNAnexus creates scalable and collaborative data technologies to unlock the potential of DNA-based medicine and biotechnology. The company has created a DNA data management and analysis platform that provides instant online genomics data centers for researchers and sequencing service providers.
Following the round, DNAnexus said it will partner with Google to provide access to the most comprehensive archive of publicly available DNA data through a hosted Sequence Read Archive (SRA) site.
DNAnexus selected Google Cloud Storage to host the database and continue to provide access to the medical research community. The decision followed an announcement from the National Center for Biotechnology Information (NCBI), the main US host of public genomic data, that it would phase-out support of the SRA due to federal funding cuts.
“We’re passionate about tackling the world’s most challenging and important problems, and our investment in DNAnexus is a manifestation of that belief,” said Krishna Yeshwant, a partner of Google Ventures.
“Their vision of revolutionising the field of bioinformatics is extremely compelling, and has the potential to change DNA management and analysis. Our experience working with large and complex data sets makes us truly enthusiastic about both the SRA collaboration with Google and the Google Ventures investment,” he added.
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