a lot of money is being poured into genomics these days, together with the genomic counsel business WuXi NextCODE (WXNC), which just introduced it has closed on $ 240 million in series B financing, led by means of Sequoia.
We are likely to hear very little about this enterprise in the tech trade but chinese tech billionaire Jack Ma is certainly one of its many backers and WXNC is counted among the many biggest genetic database outfits on the planet, providing B2B products for research and B2C products for the chinese client market.
The business become centered in 2013, as a derivative of deCODE genetics in Iceland. In 2015 WXNC was got by WuXi AppTec, the chinese and US open access R&D platform. WuXi AppTec then merged the business with its Cambridge, Massachusetts-based mostly sequencing laboratory to create WuXi NextCODE. WXNC is now a standalone subsidiary with offices in Cambridge, Shanghai and Reykjavik.
WXNC’s cloud-based mostly database is used by means of researchers everywhere to imagine and analyze entire exomes (these are the expressed or “turned on” genes in a genome; a genome being all of the genes in an organism).
On the customer facet, the enterprise is a little bit of a 23andMe, colour Genomics and Helix all rolled into one, with several purchaser genetic test products accessible for buy in China.
WXNC is on the right track to have greater than 2 million genomes in its information database by using 2020, more than every other database on the planet, based on the business. Now WXNC would want to take that sparkling $ 240 million and put it in opposition t building out the infrastructure vital to make its database the “gold regular” of genome sequence information.
“handiest a platform with tens of millions of genomes can supply the network impact and talents base that permit everyone to derive more suitable benefit, perpetually attracting greater users, extra statistics, and delivering ever more powerful health insights to serve people and sufferers everywhere,” said WuXi NextCODE chairman and WuXi AppTec founder Dr. Ge Li.
The company announced it had raised $ 75 of the $ 240 million lower back in June from Temasek and the Jack Ma-backed Yunfeng Capital. different individuals in the round include Amgen Ventures, 3W companions, and “other existing long-term partners.”
WXNC had in the past raised $ 30 million, bringing the entire now raised to $ 270 million.
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Fundings & Exits – TechCrunch