Genemod Raises $1.7M in Oversubscribed Seed Round to Drive the Next Generation of Medicine

SEATTLE, Oct. 13, 2020 /PRNewswire/ -- Genemod, a software solution for life scientists that uses data automation to streamline and accelerate research, today announced a $1.7M seed funding round led by Defy.vc with added support by Omicron, Unpopular Ventures, Underdog Labs, and Canaan Partners Scout Fund. The funding will enable Genemod to now include a complimentary product management software alongside the company's flagship life sciences inventory management service. The funding is a stepping stone to bring Genemod's vision to life as the company solves the problems around data sharing for biotech companies allowing research to be repeatable and cures to be developed at a faster pace.

Genemod's cloud-based solutions offer biotech companies the ability to maximize productivity and consolidate data sharing with one collaborative workspace. By streamlining inventory, experiment, application and data management, Genemod helps scientists conduct repeatable research and develop cures faster. Labs from nationally recognized institutions, including the University of Washington School of Medicine, the University of California, Berkeley and the National Institutes of Health rely on Genemod's cloud-based solutions to accelerate life sciences research and drug discovery. Today's funding will allow Genemod to grow its current headcount by 50 percent and expand its customer base beyond academic institutions and into small enterprises.

"While the life sciences industry is known for developing inventive solutions to some of the world's biggest health problems, many scientists are working with manual, siloed and inefficient processes," said Jacob Lee, CEO and co-founder, Genemod. "Genemod aims to make a scientist's journey just as innovative as their destination, driving faster and more creative problem solving. Today's funding will allow us to make a major step toward achieving this goal."

Alongside the funding, Defy.vc will serve as a growth partner for Genemod, supporting the company as it works to roll out its product roadmap for the latter half of the year. Neil Sequeira, co-founder and managing director of Defy.vc, will join Genemod's Board of Directors.

"It is crucial to invest in companies leveraging technology to provide software for scientists working on the frontlines of solving the world's global health challenges," said Neil Sequeira, co-founder and partner, Defy.vc, "our firm believes that investing in software companies like Genemod will create incredible value in a variety of ways and rapidly solve some of the biggest impediments facing research and discovery."

Founded in 2018, Genemod was part of the first Launch Lab from Venture Out Startups a company that helps early-stage founders gain traction with their product by acting as a 'Co-founder as-a-Service.'

About Genemod

Genemod helps biotech companies maximize productivity through cloud-based inventory and product management solutions that drive the next generation of therapies. Life scientists and researchers use Genemod to collaborate on research, inventory reagents and streamline workflows. Alongside some of the world's leading biotech institutions, including the Fred Hutchinson Cancer Research Center and the University of Washington School of Medicine, Genemod's long-term vision is to enable organizations to develop cures faster by offering technologically advanced, pre-clinical software solutions. Learn more at https://www.genemod.net.

About Defy.vc

Founded in 2016, Defy is a new venture firm exclusively focused on early Series A, an underserved part of the venture landscape. The firm launched in 2017 after closing its first fund of $151 million. Defy was co-founded by long-term venture capitalists Neil Sequeira and Trae Vassallo, with a goal to invest in entrepreneurs and companies looking to solve complex problems. Defy's focus is to help companies, after seed funding, mature and scale into companies ready for growth capital. The firm's founding team has more than 40 years experience in helping successful entrepreneurs grow companies like The Honest Company, Nest, Elemental, Dropcam and more. For additional information, please visit defy.vc. Follow Defy @defyvc on Twitter.

SOURCE Genemod