NEW YORK, Oct. 26, 2021 /PRNewswire/ -- Gencove, the leading low-pass genome sequencing platform company, today announced the successful close of a $10 million Series A investment bringing the company's total financing to $16.2 million. The round was led by Lewis & Clark AgriFood with participation from new and existing investors including Spero Ventures, Techammer, Third Kind Venture Capital, and Version One Ventures. Funding will be used for further product development, commercial growth and to build out key business functions.
DNA sequencing has become the foundation for biological advancements by enabling the exploration of genetic variants and structural changes in DNA. Historically, technologies for genetic testing fall into two categories: low-throughput and costly options such as whole genome sequencing, and high-throughput but limited technologies like genotyping arrays.
Gencove solves the too much or too little quandary by combining low-pass whole genome sequencing (reading the DNA fewer times) with a proprietary software-as-a-service (SAAS) computation layer. The result is a unique high-throughput and cost-effective whole genome sequencing solution.
"We believe the next revolution in genomics will be driven by software," said Joseph Pickrell, Ph.D., co-founder, and CEO of Gencove. "It's rewarding to work with investors who recognize the value our platform provides to the agricultural, biotechnology, clinical testing, and pharmaceutical industries."
In addition to Gencove's low-pass whole genome sequencing and SAAS platform, the company has developed large cross-species genomic datasets and reference panels. For its customers, these data equate to greater accuracy, more meaning, and increased research flexibility, today and in the future.
"Gencove's platform and datasets can help unlock the genetic underpinnings of our health and wellbeing," said Larry Page, Ph.D., managing director at Lewis and Clark AgriFood. "We are thrilled to be part of a company whose technology has such broad consumer and industrial applications from agrigenomics, biotechnology, virology to medical diagnoses, disease susceptibility, and response to medical treatment."
"The new round of funding will enable us to systematically address the significant demand for industrial-scale genomics we're seeing in the market," said Tomaz Berisa, Ph.D., Gencove's co-founder, and CTO. "We look forward to bringing our novel genomics platform to more customers as quickly as possible to support their important work."
Gencove is democratizing genome sequencing by making genomic information more accessible and interpretable through the development of molecular and computational tools. Gencove's low-pass sequencing platform is setting a new standard for high-throughput, cost-effective genomics research across species. The company operates a laboratory in New York and offers both low-pass sequencing and analytics software as a service. Together with academic, agriculture, biotechnology, and pharmaceutical companies, Gencove is dedicated to solving the world's most pressing challenges. More information is available at www.gencove.com.
About Lewis & Clark AgriFood
Lewis & Clark AgriFood is a St. Louis-based group of experienced investment professionals who are passionate about investing in growth-stage companies that are at the forefront of food and agriculture innovation. We look for companies that deliver benefits to the stakeholders in the food and agriculture sector, from the producer, through the supply chain, all the way to the consumer. As founders, operators, investors, and scientists, our seasoned investment team brings a breadth of quality sector experience to every investment. For more information, visit www.lewisandclarkagrifood.com or connect with us on LinkedIn or Twitter.
Kristi Ashton, 650.224.8231
For Lewis & Clark AgriFood:
Jessie Chapel, 314-651-4915
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