Genomics data management and analysis platform DNAStack has secured a follow-on investment from Facit, building on the commercialisation unit's initial commitment in 2017.
Canada-based genomics data management business DNAStack attracted an undisclosed sum yesterday from Fight Against Cancer Innovation Trust (Facit), a commercialisation operation backed by Ontario Institute for Cancer Research.
The cash came through Facit’s Compass Rose Oncology Fund, an investment vehicle that mainly backs Ontario-based technologies with the potential to benefit patients with cancer.
Founded in 2014, DNAStack has created a cloud-based data storage, bioinformatics and sharing platform for genomics projects that allows researchers to upload, process and interpret large amounts of complex information.
Facit will gain a seat on the DNAStack board of directors in connection with the investment, which it regards as aligned with the Rose Fund’s objective of generating jobs within Ontario-based biotech businesses.
The unit previously supplied DNAStack with an undisclosed sum in July 2017 as part of a $375,000 investment in three businesses from its Prospects Oncology Fund.
David O’Neill, president of Facit, said: “We are pleased to support DNAstack and help unlock the full value in this exciting technology.
“The field of clinical bioinformatics is a fast-paced, emerging avenue of economic growth with real potential to make a significant impact on Ontario’s economy and healthcare system.”
