London’s Lifebit Biotech raises £6m
Posted on May 1, 2020 by Alistair Hardaker
New funding will fuel further development of software supporting human genome sequencing research
London-based Lifebit Biotech has closed a £6m ($7.5m) funding round.
The firm plans to use the Series A cash to expand its market globally and to continue product development, including its core product LifeBit CloudOS.
The software, a bioinformatics platform, gives researchers access to visualisation of large data sets associated with human genome sequencing.
It provides integration with free open-source analysis alongside a marketplace of proprietary alternatives.
Idinvest Partners led the round, with participation from previous investors Pentech Ventures, Beacon Capital, and Connect Ventures.
Founded three years ago, the biotech startup now has employees, partners and customers spanning 15 countries.
“This financing comes at a pivotal time as we are rapidly expanding our global presence, accelerating product innovation, and continuing to grow our team of world-class engineers and bioinformaticians,” said Lifebit CEO Maria Chatzou Dunford.
“With our partners and customers, we are pushing forward the frontiers of health and creating a more integrated, accessible landscape of knowledge that enriches life and enables meaningful breakthroughs.”
Antoine Zins, Investment Manager at Idinvest added: “Their product delivers a radically new approach to bioinformatics.
“We are very impressed with the innovation and commercialisation Lifebit has accomplished – this leading team of scientists, engineers, and entrepreneurs are making omics data analysis accessible, secured and collaborative for labs everywhere.
“We are delighted to lead this financing to help open the next chapter in Lifebit’s exciting growth story.”