PetaGene generates $2.1m

PetaGene, a UK-based genomics data compression technology developer, secured $2.1m last month in a round led by VC firm Romulus Capital, according to TechCrunch.
Company builder Entrepreneur First also contributed in the round together with unnamed UK and US-based investors.
Founded in 2016, PetaGene offers data compression software that helps researchers store and compute the masses of information associated with whole-genome sequencing, which processes an organism’s entire DNA content for purposes such as precision therapeutics.
The platform can be accessed from cloud-hosted servers or installed on the client’s network. PetaGene recently secured a contract with an undisclosed pharmaceutical company, and is also targeting business with genomic sequencing providers, academic research institutions and clinical laboratories.
The company was formed by three PhD graduates from Cambridge University, who collaborated with the Stegle Group at EMBL’s European Bioinformatics Institute.
The money will support PetaGene’s plans to recruit additional technical and sales professionals as it looks to expand its product range.
PetaGene has now raised a total of $3.2m of funding, according to TechCrunch. Entrepreneur First and Romulus Capital have both previously backed the spinout, with the latter investing in 2017, though further details have not been disclosed.
Dan Greenfield, co-founder and chief executive of PetaGene, said: “As whole-genome sequencing becomes more and more commonplace, the amount of data it creates places great strain on infrastructure. We help organisations with managing that data.
“Through our compression technology, we make that data up to ten times smaller and faster to transfer for research and analysis, democratising precision medicine in the process.”