LONDON, U.K., April 30, 2020 – Lifebit Biotech, developer of bioinformatics and cognitive software solutions, announced it closed its Series A funding round of $7.5 million (£6 million) led by Idinvest Partners, to fuel ongoing product innovations and global market expansion. Previous investors Pentech Ventures LLP, Beacon Capital, and Connect Ventures also participated in the round.
Lifebit is staying true to its mission to democratise access to genomics data by enabling all researchers to become experts at running complex analyses and to unlock the value of this data. The company’s product, Lifebit CloudOS, is fast becoming the industry’s standard for unified and secure research over distributed big data. On top of its core foundation, the platform provides integration to all open-source analysis and visualisation tools, as well as a marketplace of proprietary ones, a powerful data and cohort browser, and advanced AI functionality that together are powering discoveries in drugs and personalised medicine. Lifebit CloudOS is increasingly being deployed by leading life sciences organisations to leap forward research and cures. Its best-in-class user experience is knocking down barriers and proving transformational for Lifebit clients, including top-tier pharmaceutical organisations, as it allows all researchers, from novice to advanced, to perform groundbreaking research.
“Lifebit is uniquely positioned in the marketplace,” said Antoine Zins, Investment Manager at Idinvest. “Their product delivers a radically new approach to bioinformatics. We are very impressed with the innovation and commercialisation Lifebit has accomplished – this leading team of scientists, engineers, and entrepreneurs are making omics data analysis accessible, secured and collaborative for labs everywhere. We are delighted to lead this financing to help open the next chapter in Lifebit’s exciting growth story.”
Dr Maria Chatzou Dunford, Lifebit CEO, said, “We are incredibly proud of the validation and confidence demonstrated by all of our investors, especially considering the current economic uncertainty due to the Covid-19 pandemic. We are also thrilled to welcome Idinvest to the Lifebit family, who brings to us a wealth of expertise in the area of high growth biotech companies. This financing comes at a pivotal time as we are rapidly expanding our global presence, accelerating product innovation and continuing to grow our team of world-class engineers and bioinformaticians. With our partners and customers, we are pushing forward the frontiers of health and creating a more integrated, accessible landscape of knowledge that enriches life and enables meaningful breakthroughs.”
This news follows Lifebit’s recent major new product release. Lifebit CloudOS 2.0 integrates the Biobank Data Browser engineered for the extreme scale and complexities of biobank big data. Already deployed by Lifebit enterprise clients, the biobank browser allows users to access and utilise the extensive knowledge bases generated by biobanks, which are amassing mountains of genomic and clinical data derived from hundreds of thousands of volunteer participants.