GenoLogics secures funding in first software deal in to be completed in western Canada in the last five years
GenoLogics Life Sciences Software, developer of an open bioinformatics software platform that assists life science and pharmaceutical research laboratories manage, integrate and analyse large volumes of scientific data, it has completed a US$5 million round of financing.
Co-led by OVP Venture Partners and Yaletown Venture Partners, OVP is the first venture firm in the Northwest USA to fund a Bio-IT company in western Canada.
Yaletown and OVP are also joined in the Series A round by the Working Opportunity Fund managed by GrowthWorks Capital of Vancouver, one of Canada's largest fund managers.
"With the closing of our Series A funding, GenoLogics is in an ideal position to scale the company to satisfy the growing demand for our technology," said Michael Ball, CEO of GenoLogics.
"Our success as a company has been founded on a commitment to customers, technology leadership and continuous improvement.
"Expansion of our product development, customer service, and sales and marketing activities will enable us to build upon this success and deliver more value to customers".
The company observes that the life sciences are undergoing a revolution as new technologies are applied to biological research, generating enormous amounts of complex scientific data.
GenoLogics is building a open bioinformatics software platform for the life sciences global marketplace, initially specialising in the emerging high growth field of proteomics research.
Studies indicate many aspects of proteomics research (and specifically the study of proteins within cells), are focused around early disease detection including cancer.
"An integrated open software platform is needed to help the life sciences sector adjust to the explosion taking place in the market," said OVP general partner Chad Waite.
"GenoLogics is one of the very few players to develop an environment which will create an integration standard for all instruments in the market.
"The company also is our sixth Northwest investment in Bio-IT within the last six months".
The GenoLogics flagship product for proteomics, ProteusLims, provides systems for sample tracking, lab management, instrument integration, and workflow and scientific data management for gels, mass spectrometry and protein searches.
Researchers in academic and commercial proteomics laboratories can analyse and integrate data, easily collaborate with peers, and quickly turnaround results to accelerate development and advances in health research.
James DeGreef, GenoLogics's VP product management, notes: "Our open architecture software platform meets customer needs because it is more than a laboratory workflow solution.
"It transforms the data management process into a sophisticated analytical system to speed scientific discovery.
"Our aim is to move beyond proteomics to systems biology, continually deliver new product innovation and be at the forefront of providing solutions that meet customer needs".
GenoLogics has a number of installed customers, including the Genome BC Proteomics Centre, Oregon Health Sciences University, the University of British Columbia, and the University of Texas Medical Branch.
All cite a strong partnership relationship with GenoLogics and the company's responsiveness and technology leadership as important factors in their selection of GenoLogics.
