Congenica completes $50m series C funding round

The company has established a customer-base of hospitals, diagnostic laboratories, academic medical centres and pharmaceutical companies spanning 18 countries

Congenica has announced the completion of its Series C funding round, raising $50m.

The round was co-led by Tencent and Legal & General and included other new investors Xeraya, Puhua Capital and IDO Investments. Existing investors Parkwalk, Cambridge Innovation Capital and Downing also participated.

The funding is aimed at accelerating international market development and driving further expansion of Congenica’s product platform into somatic cancer, wellness and through partnerships with pharmaceutical companies. Furthermore, the company will deliver capabilities including the ability to integrate with existing electronic health systems and deliver automated interpretation.

By integrating its software into existing systems and infrastructure, and further developing its machine learning capabilities, Congenica aims to enable personalised decisions and treatments, guided by genomic information.

Lazard acted as sole financial advisor to the company.

Dr David Atkins, CEO, Congenica said: “Genomic medicine is revolutionising healthcare, transforming outcomes for patients by providing clinicians with fast, accurate and early diagnoses and the information needed to provide life-changing answers for their patients, improving wellbeing and disease management. This new funding will allow us to build on our established foundation in rare disease and bring the power of our platform to new indications and new markets. We welcome our new investors to Congenica and are grateful to our existing investors for their continued support.”

Dr Ling Ge, Chief European Representative and General Manager, Tencent: “Congenica’s market leading technology is designed to enable the delivery of personalised medicine at scale and be fully integrated into routine healthcare customers’ clinical practice on a global basis. This represents a significant competitive advantage and the potential to bring genomic medicine into routine use across multiple disease areas driving healthcare systems internationally. We look forward to supporting Congenica as it continues to find innovative solutions to transform healthcare”.