01.10.2020 – 13:30
SOPHiA GENETICS Raises $110 Million in Oversubscribed New Funding Round
Lausanne, Switzerland and Boston (ots/PRNewswire)
Supporting the Company's Global Expansion to Meet Growing Clinical and Biopharma Demand for Data-Driven Medicine
- SOPHiA GENETICS enters next stage of its global expansion with oversubscribed Series F round exceeding $110 million, led by major health-tech fund and followed by strategic industry leader
- Company demonstrates solidity of its business model with banks joining in the round
- Didier Hirsch, former CFO at Agilent and Board member at Logitech, joins the company's Board of Directors and will chair its Audit Committee
SOPHiA GENETICS, global leader in Data-Driven Medicine, announced today the closing of a $110 million financing round to enter into the next stage of its expansion, with a focus on supporting the growing clinical and biopharma demand for Data-Driven Medicine worldwide.
This Series F round was led by aMoon, a leading health-tech & life sciences venture fund based in Israel, and Hitachi Ventures, a venture arm of Japanese Hitachi Group. The company also received the trust of prime financial institutions Credit Suisse and the Pictet group. Existing investors Swisscom Ventures, Endeavour Vision, Generation Investment Management, Alychlo, and Eurazeo Growth participated in the round, as well as newcomers ACE & Company and Famille C Invest.
Having established the world's largest Data-Driven Medicine community network through its universal and collaborative AI platform, SOPHiA GENETICS supports healthcare professionals by translating complex medical data into valuable clinical insights. The SOPHiA Platform is used by over 1'000 healthcare institutions and has analyzed 600'000 genomic profiles; up to 17'000 new profiles a month. Through continual learning and network effects, experts worldwide are empowered to act with confidence for better patient management.
The new funding round will boost the company's penetration in both the US and Asian markets. Proceeds will also be dedicated to increasing the platform multimodal capabilities and its adoption by healthcare institutions worldwide. Leveraging this momentum, SOPHiA GENETICS will be best positioned to power biopharma's effort to optimize and accelerate the development of new targeted therapies.
As SOPHiA enters this new phase of rapid expansion, Didier Hirsch, former CFO at Agilent and Board member at Logitech, joins the company's Board of Directors. He will also chair the company's Audit Committee, ushering SOPHiA GENETICS toward its next important milestones.
"From Switzerland to the global scale, SOPHiA GENETICS has been instrumental in defining Data-Driven Medicine as we know it today," said Didier Denat, Head Corporate Banking Switzerland at Credit Suisse and Chairman of Credit Suisse Entrepreneur Capital Ltd. "We are looking forward to seeing the company continue to democratize it to the benefit of an ever-growing number of patients, as the company further expands its presence worldwide."
"SOPHiA GENETICS is a key player in the era of digital transformation we are now entering, and we are happy to contribute to the development of a flagship company in this ecosystem. Data-Driven Medicine is becoming a must in healthcare; it's therefore important to support a company such as SOPHiA, so that it can further its decentralized approach based on knowledge-sharing in the best, most secure way, for better outcomes," said Dominique Mégret, Head of Swisscom Ventures.
"This is an exciting moment for SOPHiA GENETICS as the company enters the next stage of its expansion," added Fernando Pacheco, Investment Director of Endeavour Vision. "Since its inception in Switzerland, it has built a leading position in Europe and beyond to deliver state-of-the-art data-analytics combining multiple sources of data. We look forward to seeing the company write the next chapter in new areas of democratized Data-Driven Medicine on a global scale, increasing patients' access to high quality testing and actionable insights."
"SOPHiA has established an impressive track record of disrupting healthcare and enabling a decentralized approach. This new funding round will further strengthen SOPHiA's already unique offering, performance, and life-changing impact on patients and targeted therapies," said Troy Cox, Chairman of the Board of Directors of SOPHiA GENETICS.
"Since inception, we knew that leveraging a wide range of data modalities powered by cutting-edge technologies was key to sustainably deliver better outcomes to the global healthcare community", concluded Jurgi Camblong, CEO and Founder at SOPHiA GENETICS. "Now, with this new funding round, we can embark on the next stage of our development and take our collaborative approach further, delivering intelligent medicine, together."
About SOPHiA GENETICS
SOPHiA GENETICS is a health tech company democratizing Data-Driven Medicine to improve health outcomes and economics worldwide. By unlocking the power of new-generation health data for cancer and rare diseases management, the universal SOPHiA Platform allows clinical researchers to act with precision and confidence. The company's innovative approach enables an ever-expanding community of over 1,000 institutions to benefit from knowledge sharing, fostering a new era in healthcare. SOPHiA's achievement is recognized by the MIT Technology Review's "50 Smartest Companies".
Sophie Reymond Senior Media Relations Specialist email@example.com Tel: +41 21 694 10 75