SeqOne raises €3m to accelerate the adoption of genetic testing in healthcare
SeqOne announces a three million euro funding round led by Elaia with IRDI / SORIDEC and supported by BPI France. The funding will accelerate the development of SeqOne’s genetic analysis platform combining AI and big data approaches to make genetic analysis more accessible to doctors treating cancer and hereditary diseases.
[Dateline: Montpellier 28/03/2019] Chronic conditions such as cancer are now the leading cause of death in developed nations and are responsible for an unsustainable increase in healthcare costs.
SeqOne seeks to dramatically simplify the process of analysing genetic data in healthcare applications while providing the type of information doctors need to help their patients. To achieve this objective, the company has developed the cloud-based SeqOne | Platform that handles each step of the genetic analysis process; from management of the raw data all the way to the generation of an easy-to-understand report for the doctor. SeqOne’s unique solution can be characterised by three core focus areas:
- The use of the latest big data technologies that enable the platform to handle high patient volumes and the increasingly complex data produced by the latest generation of sequencers,
- The use of AI to identify the mutations most relevant to the patient, and
- A suite of highly specialised applications, some developed internally and others conjunction with external genetic specialists, that simplify the implementation of new types of genetic tests that can provide better answers to doctors.
SeqOne delivers benefits including higher productivity of those responsible for genomic analysis, lower costs, faster turnaround times and more accurate results. The solution is currently under evaluation in over half of France’s university hospitals (CHU’s) as well as in the three major private sector testing labs. “The speed of adoption of our technology demonstrates its value in the demanding world of genomic analysis.” said Nicolas Philippe, CEO of SeqOne.
SeqOne is led by Nicolas Philippe who holds a doctorate in bioinformatics and has authored some of the popular open source tools used by the community as well as being recognized with several awards including the Hélène Stark prize for cancer research and the iLab prize for entrepreneurship. The team has over twenty years combined experience in analysing NGS (Next Generation Sequencing) genomic data as well as extensive experience in managing secure, high throughput, high availability cloud-based systems.
This funding round, the company’s first, brings together three leading early-stage investors who will together provide three million euros (€3M) of funding. “Since gene sequencing has been made widely available, healthcare professionals urgently need efficient tools to analyze and manage this huge amount of data with accuracy, responsiveness and productivity. SeqOne founders have merged best-in-class skills in AI, cloud architecture and genomics to fulfil this need. At Elaia, we love when the most advanced digital techniques can bring medicine/healthcare techniques one step further. This investment in SeqOne is also our first co-investment between Elaia Delta Fund, which is aimed at B2B tech companies and PSL Innovation Fund, which focuses on companies linked to Paris Sciences et Lettres research laboratories” declare Marc Rougier and Franck Lescure, Partners at Elaia.
One of the funds participating in the investment round is the PSL Innovation Fund, a seed and tech transfer fund created by Elaia Partners and PSL University. Its presence will facilitate SeqOne’s access to leading research teams and the technologies they develop.
SeqOne will use the funds to strengthen its applications in the field of cancer as well as to expand its sales and marketing efforts. The company seeks to become the preeminent choice for healthcare institutions and medical testing labs wishing to offer high performance genetic testing at scale.
About Elaia: Created in 2002, Elaia is an independent venture capital firm, focused on the digital economy and deep tech. With over €350m under management, Elaia invests in high potential disruptive startups from the first financing rounds to the emergence of global leaders. With more than 75 years of cumulated experience in both venture capital and digital industries, the investment team offers a close, proactive and relevant support to its entrepreneurs.
Elaia has two active investment funds:
1/ Elaia Delta Fund (€150m) is an early stage venture fund targeting seed or Series A digital tech B2B companies.
2/ PSL Innovation Fund (€75m) is a deep tech seed fund targeting pre-seed or seed startups linked to Paris Sciences et Lettres research labs.
We back tech disruptors such as Criteo (IPO), Orchestra Networks (sold to Tibco), Sigfox, Teads (sold to Altice), Mirakl, Tinyclues, Shift Technology etc.
About IRDI / SORIDEC: Based in Toulouse, Montpellier and Bordeaux, Irdi Soridec Gestion has a track record of investing in companies based in south-western France at all stages of development (venture capital and buyout) for more than 35 years. It manages more than € 300 m through several funds including IRDInov2, a technology seed fund supported by the French National Seed Fund (FNA), through which it has invested in SeqOne. For more information: https://www.irdisoridec.fr/
About SeqOne: SeqOne develops state-of-the-art genomics analysis tools for clinical applications in the fields of cancer and rare disease. Its flagship product, SeqOne | Platform is a cloud-based end-to-end solution that dramatically reduces the turnaround time and cost required to deliver accurate genetic analyses for use in mainstream medicine. In the short time since it has launched its platform secured a wide user base in a diver range of healthcare establishments including hospitals and private sector testing labs. It has won numerous awards including the prestigious iLab award and the ARC cancer foundation’s Hélène Stark prize. SeqOne is supported by the SATT AxLR and the Montpellier BIC incubator.
For more information: https://seqone.com