GenoLogics Secures U.S. $5 million in Funding from OVP Venture Partners, Yaletown Venture Partners and Growthworks
GenoLogics Life Sciences Software Inc., developer of an open bioinformatics software platform that assists life science and pharmaceutical research laboratories manage, integrate and analyze enormous volumes of scientific data, today announced that it has completed a $5 million (U.S.) round of financing.
Co-led by Seattle headquartered OVP Venture Partners and Vancouver, B.C. based Yaletown Venture Partners, OVP is the first venture firm in the Northwest U.S. 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 Ltd. of Vancouver, B.C., 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 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 specializing 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 6 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 analyze and integrate data, easily collaborate with peers, and quickly turnaround results to accelerate development and advances in health research.
James DeGreef, GenoLogics’ 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.
About GenoLogics
Headquartered in Victoria, B.C., GenoLogics develops bioinformatics solutions that help life science and pharmaceutical laboratories, specializing in the emerging field of proteomics research, to manage, integrate and analyze enormous volumes of scientific and lab data to advance health science research. As proteomics technologies progress from the research lab into commercial drug and clinical diagnostics applications, GenoLogics is continuing to develop additional functionality in its software to meet these unique needs. For more information, please go to www.genologics.com
About OVP Venture Partners
Over its 22 year history as an early-stage venture firm, OVP has been funding industry leading start-ups in the Pacific Northwest. In that period, OVP has invested in more than 80 companies and has driven 22 successful IPO’s and 27 merger and acquisition events. The firm currently has US $500 million in capital under management. OVP’s focus is on investments in the areas of the network edge and mobility, the corporate data center, imaging and the digital home, computational biology, and nanotechnology. For more information, visit: www.ovp.com
About Yaletown Venture Partners
Based in Vancouver, B.C., Yaletown Venture Partners is a venture capital firm that invests time, expertise, and money in seed and early-stage technology companies. Yaletown is a hard-working partner of choice for experienced technology entrepreneurs starting new companies in Western Canada and for investment partners seeking quality deal opportunities. Backed by several of Canadaýs largest institutional investors, Yaletown focuses on Western Canada’s vibrant information technology and energy technology clusters. Yaletown’s four investing partners bring a combined seventy years of early-stage company-building and transaction expertise to each portfolio company. For more information, visit www.yaletown.com
About GrowthWorks
GrowthWorks refers to affiliates of GrowthWorks Ltd. GrowthWorks (www.growthworks.ca) is a recognized leader in venture capital fund management with proven experience in the raising and managing of capital. GrowthWorks managed funds, including the Working Opportunity Fund (EVCC) Ltd., GrowthWorks Canadian Fund, GrowthWorks Commercialization Fund, and GrowthWorks Atlantic Venture Fund, have a combined $700 million in assets. GrowthWorks has a team of skilled and knowledgeable investment professionals with a combined 200 years of experience. The investment team has a proven track record of identifying, analyzing, and structuring investments in emerging sectors. GrowthWorks is a registered trademark of GrowthWorks Capital Ltd.
