Tute Genomics Announces Investment Round from Intermountain, Tencent

By Bio-IT World Staff

June 16, 2015 | Tute Genomics today announced the closing of its Series A1 round of venture capital funding. The company raised over $3.9 million from a strategic group of investors, including Intermountain Healthcare, an integrated network of 22 hospitals and 185 physician clinics. Other major investors include Healthbox, a platform for innovation and entrepreneurship in healthcare, and China-based Tencent, one of the largest Internet companies in the world.

"Intermountain has made a strong commitment to innovation and entrepreneurship within the healthcare system," remarked Reid Robison, CEO of Tute Genomics, in a statement. "Intermountain's goal of providing better health outcomes and more affordable care corresponds perfectly with our own quest to provide rapid diagnoses, more accurate treatments, and preventive medicine through genomics. Other forward-looking healthcare organizations are certain to follow Intermountain's lead, as tomorrow's healthcare will be driven by technological innovations."

Tute’s last round of funding was in December 2014, and in the first half of this year the company named a new CSO and VP of Sales, and partnered with Google Genomics to share a database of 8.5 billion annotations of gene variants.

"Tute Genomics has worked tirelessly to make clinical interpretation and reporting of genomic data accessible to healthcare providers, and international investors have taken notice," said Kai Wang, President and Chairman of Tute Genomics in the announcement.

Healthbox and Tencent joined Intermountain Healthcare as strategic investors in this recent financing. Healthbox is an integrated innovation platform, enabling healthcare entrepreneurs to grow sustainable businesses and helping leading healthcare organizations advance internal innovation. Nina Nashif, founder and CEO of Healthbox, will be joining the Tute Genomics Board on behalf of Intermountain Healthcare, with whom Healthbox has a strategic relationship. Tencent is a leading provider of Internet services in China. It seeks to evolve with the Internet by investing in innovation, providing a hospitable environment for partners, and staying close to users.