Seattle biotech startup Genemod raises $1.7m in oversubscribed seed round to drive next generation medicine
Genemod, a software solution for life scientists that uses data automation to streamline and accelerate research announced a $1.7 million seed funding round led by Defy.vc with added support by Omicron, Unpopular Ventures, Underdog Labs, and Canaan Partners Scout Fund.
The funding will enable Genemod to now include a complimentary product management software alongside the company's flagship life sciences inventory management service. The funding is a stepping stone to bring Genemod's vision to life as the company solves the problems around data sharing for biotech companies allowing research to be repeatable and cures to be developed at a faster pace.
Genemod's cloud-based solutions offer biotech companies the ability to maximize productivity and consolidate data sharing with one collaborative workspace. By streamlining inventory, experiment, application and data management, Genemod helps scientists conduct repeatable research and develop cures faster. Labs from nationally recognized institutions, including the University of Washington School of Medicine, the University of California, Berkeley and the National Institutes of Health rely on Genemod's cloud-based solutions to accelerate life sciences research and drug discovery. Today's funding will allow Genemod to grow its current headcount by 50 percent and expand its customer base beyond academic institutions and into small enterprises.
Jacob Lee, CEO and Co-founder, Genemod: ''While the life sciences industry is known for developing inventive solutions to some of the world's biggest health problems, many scientists are working with manual, siloed and inefficient processes. Genemod aims to make a scientist's journey just as innovative as their destination, driving faster and more creative problem solving. Today's funding will allow us to make a major step toward achieving this goal.''
Alongside the funding, Defy.vc will serve as a growth partner for Genemod, supporting the company as it works to roll out its product roadmap for the latter half of the year. Neil Sequeira, co-founder and managing director of Defy.vc, will join Genemod's Board of Directors.
Neil Sequeira, Co-founder and partner, Defy.vc: "It is crucial to invest in companies leveraging technology to provide software for scientists working on the frontlines of solving the world's global health challenges. Our firm believes that investing in software companies like Genemod will create incredible value in a variety of ways and rapidly solve some of the biggest impediments facing research and discovery."
Founded in 2018, Genemod was part of the first Launch Lab from Venture Out Startups a company that helps early-stage founders gain traction with their product by acting as a 'Co-founder as-a-Service.'