NEW YORK, NY, Genomic analysis company Genoox has raised $6 million in funding.
Today, Genoox, the genomic analysis company on a mission to make it easier and more affordable for doctors, clinicians and researchers to improve patient outcomes using big data, announced a $6 million investment led by Inimiti Capital Partners and Glilot Capital Partners, one of the world's highest performing early stage funds. A number of private investors from the genetic field also participated. The new capital will be used to expedite their genomic services and provide medical facilities with innovative solutions to help solve real and pressing healthcare problems in the U.S.
Genoox is part of a new breed of emerging tech companies in the healthcare space focused on solving problems at the core of patient management. With the expansion into the U.S. market, Genoox will help medical facilities integrate clinical genetic sequencing data into their patient workflow by providing the most modern data mining and analysis technologies. Genoox is unique in its ability to simplify data management and interpretation, driving broader adoption of genomic information in patient treatment decisions by accelerating the collection, analysis and application of genetic sequencing data worldwide. For clinicians, Genoox creates value by translating complex genetic data into specific, actionable insights that can be shared with the patient.
"With healthcare costs on the rise, and the question of who is responsible for those costs are on the minds of every American, Genoox wants to make it easier and more cost effective for medical providers to identify the genetic root cause of diseases and medical conditions. Rapid genetic diagnosis can help avoid a costly and frustrating diagnostic odyssey for the patient by enabling providers to treat patients in a faster, more accurate, cost effective manner" said Amir Trabelsi CEO and co-founder of Genoox. "It is possible to lower costs while providing better medical treatments if clinicians and researchers have the right tools required to understand the vast amount of genetic information they are collecting. We help them to process the information, using our platform of genetic applications, in minutes rather than the old standard of hours or even days. Genoox can also reduce the current costs of clinical sequencing by up to 90% while maintaining high sensitivity and accuracy."
Clinical diagnostics in the U.S. represents about 2% of healthcare spend; yet drives nearly 70% of clinical treatment decisions. Genoox is tackling issues at the core of healthcare by combining a deep understanding of science with vigorous data analytics to lower costs and improve patient outcomes.
"Genoox offers more accurate disease detection at a lower cost, making NGS more useful and available to all," said Arik Kleinstein, co-founder and managing partner of Glilot Capital Partners. "Currently, clinical NGS is limited to academic centers and expensive specialty labs. The Genoox model will help to make cutting-edge genetic science available to community medical centers and underserved global markets. We believe that this is a game changer."
"With clinical sequencing still in its early days, we believe Genoox is positioned to become the clinical 'operating system' for NGS samples," said Alon Geva, general partner at Inimiti Capital Partners. "The ability of the Genoox platform to translate complex data into clinical answers in a rapid, cost effective way will help to make NGS available to the everyday patient."
Genoox works with a variety of leading medical centers and pharmaceutical companies, providing faster and more accurate genomic testing results. In 2017, Genoox was chosen as a partner of the Israeli government, tapped to analyze the genetic sequencing of more than 100,000 citizens.
Genoox is a genomic analysis company on a mission to make clinical genetic sequencing more accessible and affordable. Using its cloud based platform, Genoox manages the entire genetic sequencing process from raw data collection to the delivery of clinical actionable insights. By automating data interpretation and providing millions of in-house and public data points through a proprietary search engine, Genoox aims to improve patient outcomes with increased accuracy and efficiency, enabling personalized medicine. Users across research, clinical and medical facilities can then securely share complex clinical research using a set of customizable tools developed to analyze data and generate actionable reports. Genoox has an international footprint, with a U.S. presence in Palo Alto and New York City. The company was co-founded by Amir Trabelsi and Moshe Einhorn in 2014.
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