London-based Genomes.io, a biotech company that specialises in the secure monetisation of genomic data, announced that it has received a $20M (~€18M) funding commitment from GEM Digital Limited, a Bahamas-based digital asset investment firm.
Genomes.io says it will use this funding to accelerate its technological growth and enable more clients to utilise its vault and reporting products.
Aldo de Pape, Genomes.io co-founder and CEO, says, “We are delighted to have this commitment from GEM Digital.”
“Their backing will help us further realise our vision to democratise the genomics market by making it profoundly more equitable and transparent through the use of our decentralised technology,” he adds.
“A big thank-you to everyone who made this transaction possible,” he says. “It will accelerate our growth and focus to remain the biggest user-owned genomic database in the world.”
About Genomes.io
Founded in London in 2018, Genomes.io offers a secure DNA data storage and sharing application. It allows users to sequence, store and commercialise their genomic data. The platform also enables equitable access to genomic data for biotech and pharmaceutical organisations.
Through the Genomes mobile app, users have full control over third-party access to their DNA Vault. Users also have the opportunity to contribute their genomic data to research endeavours and receive compensation without compromising their privacy or relinquishing ownership of their genome.
Genomes.io made history by becoming the first company to directly compensate its vault holders for anonymous scientific research related to long COVID.
The company has been actively working on building its infrastructure in partnership with industry leaders such as AMD and ConsenSys.
In a collaborative effort with AMD, Genomes.io utilises the advanced security features AMD EPYC processors provide. This collaboration empowers users by granting them complete control over the security of their DNA data.
Genomes.io’s innovation garnered recognition with the prestigious Deloitte Tech Fast 50 Challenge Award in 2022. Following a rigorous evaluation process comprising three rounds, the jury specifically chose Genomes.io for its pioneering implementation of Web3 technology within the healthcare sector.
In July 2018, Genomes.io conducted a crowdfunding campaign to secure a £50K investment. The campaign was oversubscribed by 300%, leading the startup to close the round earlier than planned.
DNA sequenced service
Genomes.io offers whole genome sequencing, which involves reading all three billion base pairs of a person’s DNA. The process begins by obtaining a DNA test kit from Genomes.io. This kit allows people to collect a sample of their DNA securely.
Once the sample is collected, it is sent to a sequencing facility where the DNA is analysed and the genetic data is generated.
The resulting data from the sequencing process is then uploaded into the users’ personal DNA vault on the Genomes.io platform. This DNA vault is a secure and private storage space for the individual’s genomic information. It allows users to access and explore their genetic data, gaining insights into various aspects of their genetic makeup.
In addition to the DNA vault on the Genomes.io platform, users can access their genetic information through the Genomes.io mobile app. available for download on both Android and iOS.
