Swiss medical data specialist Sophia Genetics today announced the closing of a $110 million financing round to enter into the next stage of its expansion.

The Series F round was led by aMoon, a health tech and life sciences venture fund based in Israel, and Hitachi Ventures, a venture arm of Japanese Hitachi Group. The company also received the trust of prime financial institutions Credit Suisse and the Pictet group.

Existing investors Swisscom Ventures, Endeavour Vision, Generation Investment Management, Alychlo, and Eurazeo Growth participated in the round, as well as newcomers ACE & Company and Famille C Invest.

Having established the world’s largest data-driven medicine community network through its collaborative artificial intelligence (AI) platform, Sophia Genetics supports healthcare professionals by translating multiple sources of complex medical data on cancer and rare diseases into clinical insights.

WHAT IT’S FOR

The new funding round will boost the company’s penetration in the US and Asian markets. Proceeds will also be dedicated to increasing the platform multimodal capabilities and its adoption by healthcare institutions worldwide.

MARKET SNAPSHOT

Earlier this year, French medical research firm Owkin, announced a $70 million Series A funding round to further develop its AI tool, which brings together genomic data, medical imaging, and clinical data to gain insights about treatments.

Meanwhile, startup Genome Medical has raised $14 million in Series B extension financing to accelerate development of is "telegenomics" platform, which allows patient-facing virtual visits and provider-facing consultations with genetic experts.

ON THE RECORD

Dr Tomer Berkovitz, partner and chief financial officer (CFO) of aMoon, said: “The overall demand for data-driven medicine is rapidly growing, and the next step is to successfully combine multiple sources of data to better address clinicians’ needs. With this shift, more complex data will be generated, and we believe that Sophia’s decentralised model will play a pivotal role in empowering health organisations to offer better patient care”.

Keiji Kojima, executive vice president and general manager of Hitachi’s Smart Life business division, said: “Over the years, Sophia Genetics has emerged as a leader in data-driven medicine and we look forward to supporting the company expand its footprint in the Japanese market and beyond.”

Troy Cox, chairman of the Sophia Genetics board of directors, said: “This new funding round will further strengthen Sophia’s already unique offering, performance, and life-changing impact on patients and targeted therapies.”

Jurgi Camblong, Sophia Genetics CEO and founder, said: “Since inception, we knew that leveraging a wide range of data modalities powered by cutting-edge technologies was key to sustainably deliver better outcomes to the global healthcare community. Now, with this new funding round, we can embark on the next stage of our development and take our collaborative approach further, delivering intelligent medicine, together.”