Variantyx, a startup focused on using precision medicine technology in genomic testing, announced a $41.5 million C-2 funding round. New Era Capital Partners led the round with participation from Peregrine Ventures, Robert Bosch Ventures Capital, 20/20 HealthCare Partners and Pitango HealthTech. 

This news comes just under a year after the Massachusetts-based company closed its $20 million Series C financing.

WHAT THEY DO 

Variantyx offers whole genome sequencing as well as an analytics platform that helps interpret the data.  

The company said its method "combines whole genome sequencing with in-silico analyses," which helps pinpoint genetic changes. In addition to whole genome sequencing, the company offers analyses for neurology, prenatal and other focused targeted analyses. 

The company's aim is to help clinicians gain insights into a patient's genetic makeup and deliver personalized treatment recommendations. 

WHAT IT'S FOR 

The company plans to use the new funds to expand its market reach across the U.S. and Europe. This new infusion of cash will go toward product development with a focus on the precision oncology space. 

"It allows us to expand our diagnostic solutions to a wider array of customers so that medical care can become more personalized," Haim Neerman, CEO of Variantyx, said in a statement. "The growth of Variantyx has been exponential, and we look forward to sharing the new disruptive products we have in the pipeline." 

THE LARGER TREND 

Precision genomics is beginning to enter the mainstream healthcare market. There are several companies working on genomic analysis. For example, French company SeqOne Genomics announced a €20 million Series A funding round in January. In 2021, Canadian startup Deep Genomics scored $180 million in Series C funding for its AI-backed tech designed to help program and prioritize transformational RNA therapeutics for genetic diseases. 

Genomics has also become popular in the consumer space. In 2017, 23andMe landed the first FDA clearance for its first direct-to-consumer tests that provide genetic risk information for certain conditions. The initial designation included tests for 10 diseases, including Parkinson's, Celiac disease and late-onset Alzheimer's. Since then, the company has received the FDA greenlight for a number of other tests, including for the BRCA1/BRCA2 test and for a hereditary marker for prostate cancer.

Ancestry also jumped into the consumer-facing genomics space when it launched AncestryHealth powered by Next Generation Sequencing, which is able to screen for genes associated with breast cancer, heart disease, colon cancer and blood disorders. 

Some companies are even looking at whole genome sequencing. In 2020, Nebula Genomics launched a product that offers users whole genome sequencing for $299. 

Editor's note: This story has been updated to correct an error in the funding amount.