Lifebit's total funding now stands at $70.5M. Here are the top-line bullets you need to know.
Lifebit, a provider of a global genomic data platform for drug discovery, has raised $60M in a Series B. The round drew participation from Tiger Global Management, Pentech, Beacon Capital Partners, and Eurazeo.
HOW’S THE COMPANY PERFORMING?
- London-based Lifebit’s platform facilitates drug discovery by linking biomedical data custodians and consumers.
- The company’s product line includes Lifebit CloudOS, which enables researchers to view and analyze data remotely, and Lifebit REAL, which analyzes real-world data using AI.
- Lifebit’s partners include the Hong Kong Genome Project and Boehringer Ingelheim.
- The company has offices in London, San Francisco, and Hong Kong.
WHY DOES THE MARKET MATTER?
- The global market for AI-driven genomics is projected to grow at a CAGR of 52.7% to reach a value of $1.67B by 2025, according to Markets and Markets.
- The rising applications of AI-powered genomic analysis across drug development and precision medicine, a greater focus on controlling costs in those areas, and increased investment activity are fueling market growth.
- The need to continuously monitor the SARS-CoV-2 virus, develop effective treatments, and prevent the spread of Covid-19 has also led to growth in this market.
WHO DOES LIFEBIT COMPETE WITH?
- DNAnexus (private), a cloud-based platform for genomic analysis, has raised $272.6M in total funding.
- Seven Bridges (private), a cloud-based platform for teams that enables genomic analysis at scale, has raised $112.9M in total funding.
- Foundation Medicine (acquired), a genomic profiling company specializing in cancer care, was acquired by Roche Holdings at a valuation of $5.3B in June 2018.