Cambridge, United Kingdom-based medtech startup, Congenica has secured US$ 50M in a Series C funding round held in November 2020, led by Tencent Holdings Ltd. and Legal & General Group.
Other contributors in the round include China’s Puhua Capital, Malaysia’s Xeraya Capital, Muscat’s IDO Investments, along with existing investors Cambridge Innovation Capital, Downing LLP, and Parkwalk. The latest round brings the total funding to US$ 30.9M raised to date.
Proceeds from the funding round will be used to fast-track its overseas market development, initiate further commercialization of rare and hereditary cancer applications as well as add oncology and wellness to its suite of solutions. It also seeks to assimilate with existing electronic health systems and provide fully automated interpretation competencies.
Founded on ground-breaking research from the Wellcome Trust Sanger Institute, NHS clinicians and regional genetic testing laboratories, Congenica provides a diagnostic decision support platform. Its benchmark clinical genomic analytics platform, Sapientia® provides integration of human DNA sequences with deep clinical phenotyping, thus enabling clinicians to examine the human genome to identify disease-causing variants. It also gives a 30% higher analytical yield and cuts genomic interpretation expenses by up to 95%, the startup claims.
The MedTech startup said it has created a global customer base of hospitals, diagnostic laboratories, academic medical centers, and pharmaceutical companies spanning 18 nations.
Congenica bagged US$ 17.6M from Digital China Health Technologies Corporation Limited in 2019.
About Tencent
Tencent Holdings Ltd, also known as Tencent, is a Chinese multinational technology corporate holding company. Founded in 1998, its subsidiaries globally market numerous Internet-driven services and products, including in entertainment, artificial intelligence, and other technologies.
About Legal & General Group
Legal & General Group plc is a British multinational financial services company based in London, England. Its solutions and services include investment management, lifetime mortgages, pensions, annuities, and life assurance. Following the sale of one of its components, namely, the Legal & General Insurance to Allianz in January 2020, it no longer provides general insurance services. It has operations in the United Kingdom and the United States, with investment management businesses in the Gulf, Europe and Asia. Legal & General is listed on the London Stock Exchange and is a part of the FTSE 100 Index. Legal & General Investment Management (LGIM), the asset management arm of L&G, is the 10th largest investment management firm in the world by AUM.
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