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Congenica said Monday that it raised $50 million in a Series C financing round, co-led by Chinese tech giant Tencent and Legal & General, with new international investors including Puhua Capital (China), Xeraya (Malaysia) and IDO Investments (Oman). Congenica's software is designed to enable rapid genomic data analysis at scale, with the company suggesting that its technology can perform these analyses 20-times faster than industry averages, while providing a 30% higher analytical yield, reducing genomic interpretation costs by up to 95%.
The firm's initial focus is on genomic data analysis for rare diseases and inherited cancer. It has already established a customer network spanning 18 countries; Congenica said that the global nature of this latest financing round brings new strategic and geographic capabilities that will further advance the company's existing global footprint.
Additionally, the funds will be used to extend Congenica's product platform into new areas - somatic cancer and wellness; build its pharma partnership business; and further advance its technology capabilities, such as developing the ability to integrate with existing electronic health systems and deliver fully automated interpretation capability.
Commenting on its investment in Congenica, Ling Ge, Tencent's general manager, said "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."
Congenica's technology emerged from research conducted by the Wellcome Sanger Institute, a UK non-profit genomics and genetics research institute, and the NHS. Early investors in the company, Cambridge Innovation Capital, Parkwalk and Downing, also participated in the Series C round.
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