PetaGene’s Genomic Data Compression Technology Backed by New Finance
On the back of signing a large contract with a major pharmaceutical company, PetaGene, the Cambridge UK based genomics data compression company, has attracted another $2.1 million in funding.
Romulus Capital led the investment round with participation from other investors based in Silicon Valley and London, including Entrepreneur First backed by Greylock Partners. The latest investment brings PetaGene’s total funding to $3.2 million. The new funding will help the company grow its technical team based at in Cambridge, its global sales team and further expand PetaGene’s product offerings.
Romulus Capital is an early stage VC fund founded out of MIT in 2008. It focusses on building technology and science-enabled companies. It seeks to invest in companies selling technology that solves real problems in large traditional industries or deep technology companies that have spun out of top-tier research groups.
Krishna K. Gupta, founder and general partner of Romulus Capital commented “I was impressed by what part of the genomics value chain PetaGene was targeting with its best-in-class compression software when we made our initial investment in 2017. Since then, their ability to successfully develop their product for the cloud and the strong interest from potential customers have only served to reinforce our view.” He went on to say that “PetaGene offer powerful solutions for a growing industry and we’re delighted to support them as they play their part in democratizing personalized medicine.”
PetaGene co-founder Dan Greenfield said “Romulus have been amazing in helping us grow and overcome challenges. They’ve really rolled up their sleeves to help us build a better company. Entrepreneur First is a fantastic community and we’re proud to be part of it. Two years on, and we regularly catch up with our mentors who continue to give us great advice.”
PetaGene was founded in Cambridge, the birth place of genomics, to address the rapidly growing data management problems of the genomics industry. PetaGene's software enables compression of huge amounts of genomic data without compromising on access or data quality. The company's products go beyond regular data reduction techniques and have twice been recognized by Bio-IT World's Best of Show Award for their industry-leading performance and usability. For more information visit www.petagene.com or e-mail firstname.lastname@example.org.
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