Genuity Science (formerly known as WuXi NextCODE) today announced the successful completion of a $200 million Series C financing.
The company completed the Series C round financing with investment from a consortium led by the Ireland Strategic Investment Fund (ISIF), which has invested $70 million in this round and was the lead shareholder in Genomics Medicine Ireland (GMI). GMI was recently acquired by Genuity Science as its Irish subsidiary and business headquarters in Europe, as part of a $400 million investment program positioning Ireland as a global leader in precision medicine and advanced life sciences. Other participants in the Ireland initiative and Series C financing include Genuity Science’s longtime existing shareholders Temasek, Yunfeng Capital and Sequoia Capital. This financing round follows the completion of the company’s $240 million Series B in September 2017.
“The success of this financing round is an endorsement of our strategy to create the leading global platform for using the genome to improve the lives of people and patients everywhere,” said Rob Brainin, CEO of Genuity Science . “This phase of our growth has a distinctly Irish focus to it, and we are creating in Ireland the world’s premier genome dataset as a uniquely powerful engine both for transforming how we discover new drugs, as well as for bringing new diagnostics, risk screens and other tools and services to the individual patients. With an investor base now too as global as our mission, we are more excited than ever to answer the confidence of our partners and participants with transformational results.”
Genuity Science is focusing the proceeds from this round on rapidly expanding operations in Dublin, and to accelerate the program to enroll and sequence the entire genome of some 400,000 people from across Ireland. This effort will position Ireland to play a leading role in the development and use of precision medicine. It aims to leverage a unique set of national characteristics — high-quality healthcare, relative genetic homogeneity, cutting-edge medical science and forward-looking policy and institutions — to innovate and deliver genome-driven improvements in health.