PALO ALTO, Calif., June 1, 2021 /PRNewswire/ -- Genoox, the world's first community-driven genomic data platform, announced today that it has raised $8 million in a round led by IN Venture, a Sumitomo Corporation backed venture fund, with participation from Infinity Medical and existing investors Inimiti, Glilot Capital and Triventures. The new investment will enable the company to expand its community of genetic professional users, reaching over 1500 healthcare organizations today, enhancing the network effect created by sharing genetic insights on the Genoox platform.
"Our investment in Genoox is a clear reflection of our belief that genomic data will become the backbone of the precision medicine revolution", says Eitan Naor, Managing Partner & Co Founder at IN Venture. "Digital Health is one of our focus investment pillars highly aligned with Sumitomo Corporation strategy to meaningfully impact society. Genoox's deep-tech and unique approach to building a world-class community of users has created an incredibly rich data platform, which in turn holds a profound opportunity for making new clinical discoveries."
Additionally, the company announced that Ohad Arazi has been appointed as Chairman of the Board. Arazi has been a leading technology executive and digital health innovator for 20 years, spanning Israel and North America. He began his career as an entrepreneur and later served as SVP and GM with McKesson and Change Healthcare's medical imaging group. He then went on to become Chief Strategy Officer for TELUS Health and most recently served as Chief Executive Officer of award-winning imaging AI company, Zebra Medical Vision. Ohad is currently the Entrepreneur-In-Residence for TELUS Ventures, one of Canada's leading Corporate Venture Capital funds.
"I am delighted to join Genoox as Chairman of the Board. The company has made tremendous progress in creating unique insights through a first of its kind community based-approach to genetic data", says Arazi. "This next stage of growth, coupled with the new investment, is a very exciting time to be joining the team. I look forward to collaborating with the Board of Directors and the Genoox team, as we expand our clinical reach and advance the commercialization of our platform."
"With thousands of genomic professional users around the globe our community is rapidly growing and helping the genetic medical community bridge the gap in clinical care. Genoox is proud to be the catalyst of such an important effort. The community already generating novel and valuable insights for its members across a wide range of domains, including oncology, pediatrics, rare and undiagnosed diseases, reproductive health, pharmacogenetics and more", says CEO and Co-Founder, Amir Trabelsi. "We are thrilled to take the community to the next level with Sumitomo as a partner and the addition of Ohad Arazi as Chairman of the Board", concludes Trabelsi.
About Genoox: Genoox uses the power of the community to make genomic data actionable, enabling platform users to make impactful discoveries using the most advanced genomic tools and applications. By connecting clinicians, genetic counsellors, and healthcare organizations, Genoox delivers genomics to the point of care. The Genoox platform is used by genetic labs and health systems across the globe, from the U.S. to Europe, Australia to Asia and the Latin America region.
About IN Venture: IN Venture is a Sumitomo Corporation backed venture fund investing in early stage Israeli startups. As one of Japan's largest conglomerates, Sumitomo Corporation consists of nearly one thousand affiliate companies active across industries and countries. A strong presence in Israel's dynamic technology ecosystem is part of Sumitomo's commitment to digital transformation. Established in 2019 and led by a team of Israeli and Japanese professionals, IN Venture invests in deep technology startups that have the potential to make a global impact while helping to transform Sumitomo Corporation's diverse business activities. As a strategic investor, IN Venture takes a hands-on approach to accelerate value creation activities between portfolio companies and Sumitomo Corporation global businesses.
Contact: [email protected], 877-408-9188