PetaGene Announces $2.1M To Further Genomic Compression

By Bio-IT World Staff

December 20, 2018 | PetaGene, a two-time winner of Bio-IT World’s Best of Show award, has announced $2.1 million in new funding.

PetaGene's software enables compression of huge amounts of genomic data without compromising on access or data quality. In 2016, Bio-IT World’s judges recognized PetaSuite v 1.0 for excellence in optimizing speed and storage. At last year’s Bio-IT World Conference & Expo, the judges honored PetaSuite Cloud Edition, which combines the ability for a user’s software tools and pipelines to seamlessly integrate with a wide variety of cloud platforms without modification, with significantly improved, high-performance, scalable PetaSuite genomic compression technology.

Romulus Capital led the most recent investment round with participation from other investors based in Silicon Valley and London, including Entrepreneur First backed by Greylock Partners. The latest investment brings PetaGene’s total funding to $3.2 million. The new funding will help the company grow its technical team based in Cambridge, UK, its global sales team, and further expand PetaGene’s product offerings.

Romulus Capital is an early stage VC fund founded out of MIT in 2008. It focuses on building technology and science-enabled companies. It seeks to invest in companies selling technology that solves real problems in large traditional industries or deep technology companies that have spun out of top-tier research groups.

Krishna K. Gupta, founder and general partner of Romulus Capital commented in a press release: “I was impressed by what part of the genomics value chain PetaGene was targeting with its best-in-class compression software when we made our initial investment in 2017. Since then, their ability to successfully develop their product for the cloud and the strong interest from potential customers have only served to reinforce our view.” He continued: “PetaGene offer powerful solutions for a growing industry and we’re delighted to support them as they play their part in democratizing personalized medicine.”

In the same statement, PetaGene co-founder Dan Greenfield said “Romulus have been amazing in helping us grow and overcome challenges. They’ve really really rolled up their sleeves to help us build a better company. Entrepreneur First is a fantastic community and we’re proud to be part of it. Two years on, and we regularly catch up with our mentors who continue to give us great advice.”