Sophia Genetics Raises $110M to Grow, Eyes Nasdaq IPO

by Nona Tepper
October 1, 2020
Sophia Genetics
Image: Sophia Genetics

A healthtech giant with Colorado ties just received $110 million in funding.

On Thursday, SOPHiA GENETICS announced it plans to spend the Series F round on driving adoption of its platform across the United States and Asia. The company, which is headquartered in Switzerland and Boston, opened an Aurora office in March, which it initially planned to grow to 100 data science and IT professionals by 2022. A spokesperson told Built In the company has slowed hiring in Colorado due to the COVID-19 pandemic.

Founded in 2011, SOPHiA uses AI to scan patients’ DNA for signs of cancer and other hereditary diseases more quickly than human clinicians ever could. The startup’s machine-learning system draws on a library of 600,000 bits of genomic data collected from more than 1,000 hospitals across the world. It also uses AI to analyze CT scans and other medical images for signs of illness.

In August, the company announced it planned to use its tech to map the genomic structure of COVID-19, with the aim of predicting the genetic evolution of the coronavirus — so researchers can be prepared when the next iteration of the virus hits. Its system also analyzes CT scans of COVID-19 patient lungs to uncover characteristics of the virus that may be invisible to human doctors’ eyes.

COVID-19 represents the 19th iteration of the coronavirus.

“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,” CEO Jurgi Camblong said in a statement. “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.”

In addition to expanding across the U.S. and Asia, a spokesperson told Built In that the company plans to launch an initial public offering on the Nasdaq in about three years, with the IPO giving SOPHiA cash to acquire companies that add to its tech stack, as well as the publicity it needs to recruit top talent and secure contracts with new hospitals and biopharma companies. SOPHiA aims to achieve $100 million in revenue before listing publicly.

The Series F round brings total investment in SOPHiA GENETICS to $250.2 million. Hitachi Ventures and aMoon led the round, with participation from Credit Suisse, the Pictet Group, Swisscom Ventures, Endeavour Vision, Generation Investment Management, Alychlo, Eurazeo Group, ACE & Company and Famille C Invest.

Also in ColoradoThese 5 Colorado Tech Companies Raised $70M+ in September

Jobs at Sophia Genetics

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