SOPHiA GENETICS has announced the closing of a $77m investment round, which will be used to grow the number of hospitals that the leading health technology company serves globally.
The company applies artificial intelligence solutions to DNA sequencing in order to allow healthcare practitioners to make more informed diagnoses.
Its Sophia AI platform – which combines analytical techniques such as statistical inference, pattern recognition and machine learning to make decisions – is currently in use at more than 850 hospitals in 77 different countries and has helped to diagnose over 300,000 patients.
The platform analyses diagnoses made by humans, and uses predictive analytics to formulate and share insights across its network of hospitals, making it easy for professionals to comprehend complex genomic and radiomic data.
“We at SOPHiA GENETICS want to contribute to make the global healthcare system more sustainable,” the company states. “It is our strong belief that digital technologies are the key to unlocking the era of Data-Driven Medicine, where secure data pooling and knowledge sharing will be extremely valuable for patients.”
It was recently predicted that the healthcare analytics market would experience strong growth in the decade between 2017 and 2016, rising in value from $10bn to almost $76bn, propelled by rising capital investments, an increase in government initiatives and the focus on improving patient care.
The Series E funding round brings total investment in the company to $140m since it was founded in 2011. The Swiss company hopes to use the funds to grow its team and continue its expansion into the United States.
The round was led by Generation Investment Management, a firm focused on investment in “sustainable companies”. This means that the business doesn’t current incur heavy losses, offers sustainable products and services that drive revenue, and offers products and services that benefit society in a safe, environmentally-friendly way.
“Generation are delighted to partner with SOPHiA GENETICS,” said Lilly Wollman, co-head of the firm’s Growth Equity team. “We believe that leveraging genetic sequencing and advanced analysis will enable a more sustainable healthcare system.”
“SOPHiA GENETICS is a leader in the preventive and personalised medicine revolution, enabling the development of targeted therapeutics, thereby vastly improving health outcomes,"
Jurgi Camblong, CEO of SOPHiA GENETICS, said:
“With Generation's support, we will enable the more rapid adoption of Data-Driven Medicine technology in healthcare for the benefit of patients worldwide,"
Idinvest Partners, Balderton Capital and Alychlo also took part in the investment round.