Latest Hydra Capital News
Feb 25, 2016
Hydra leads $1.2 mln seed round for GenomeNext February 25, 2016 GenomeNext LLC, an automated genomic analysis platform, raised $1.2 million in a seed financing round led by Hydra Capital and private investors. Columbus, Ohio-based GenomeNext is a spinoff from Nationwide Children’s Hospital, also based in Columbus. PRESS RELEASE COLUMBUS, Ohio–( BUSINESS WIRE )–GenomeNext, LLC, a leader in genomic data management and integrated analysis, announced today that it has raised $1.2 million in seed financing in a funding round led by Hydra Capital and private investors. GenomeNext has developed and launched an innovative and powerful bioinformatic pipeline creating an integrated, turn-key solution that delivers unequaled results enabling researchers and clinicians to effectively analyze, organize and manage genetic data. The computational backbone of the GenomeNext platform was developed at Nationwide Children’s Hospital and employs proprietary methods that specifically overcome the computational bottlenecks and inherent inaccuracies offered by traditional genomic sequence analysis methods, resulting in increased speeds, sensitivity and specificity, decreased costs, ultimately delivering unparalleled results that are both deterministic and reproducible. GenomeNext recently benchmarked a groundbreaking timeframe for the analysis of a massive quantity of genomic data demonstrating population-scale capability. Through an industry challenge issued by Intel and AWS, GenomeNext analyzed the whole genomes and exomes of 2,504 individuals sampled across 26 different populations in one week, processing 1,000 samples per day, generating close to 100TB of processed result files. GenomeNext’s genomic analysis pipeline recently outperformed 21 leading organizations from around the world driving Nationwide Children’s Hospital’s efforts to win the CLARITY Undiagnosed Challenge, ultimately delivering the most accurate and clinically actionable genetic data. GenomeNext’s automated genomic analysis informatics and enterprise cloud platform have been integrated and validated in both clinical laboratory services and clinical research initiatives powering complex genomic analysis in a secure and compliant environment delivering the most accurate and reproducible results essential for making confident, informed decisions. “We are excited to position GenomeNext as a transformative leader in genomic analysis, leveraging proprietary analytics to accelerate innovation, improve diagnostic accuracy and deliver reproducible, clinically actionable results that effectively drive better genome-guided medicine,” said Chris Drescher, GenomeNext Co-founder and President. The firm said it plans to expand its existing sales infrastructure, marketing initiatives, and integrate innovative tool sets and capabilities. James Hirmas, CEO and Co-founder announced “This funding will enable GenomeNext to expand our commercial and operational capacity, facilitate continued evolution of our genomic analysis platform, and further our commitment to deliver increased value and utility to successfully address the computational and big-data complexities inherent in genomic medicine.” GenomeNext’s genomic analysis platform is offered as a Software as a Service (SaaS) through the company’s website, http://www.genomenext.com . Alternative configurations, including private cloud and custom pipelines are considered upon request. Genomics Simplified™ About GenomeNext – GenomeNext is a genomic informatics company dedicated to accelerating the promise and capability of predictive medicine and scientific discovery. We commercialize genomic analysis tools and integrated systems for the evaluation of genetic variation and function. Our advanced informatics and data management solutions are designed to simplify, expedite and enhance genetic analysis workflows. Our solutions provide the market with genomic data and analysis at an unprecedented combination of performance, quality, cost and scale without requiring the investment in high-performance computing resources and specialized personnel. Our proprietary platforms address a broad range of highly interconnected markets, including sequencing, genotyping, gene expression, and molecular diagnostics. Our customers include leading genomic research centers, academic institutions, government laboratories, and clinical research organizations, as well as pharmaceutical, biotechnology, agrigenomics, and consumer genomics companies.