Belgian biotech OncoDNA has raised €19M in Series B funding to further develop its cancer diagnostic and therapeutic decision-making software.
The funding was led by Vesalius Biocapital, a Luxembourg-based VC investor, Swiss VC firm Swisscanto Invest by Zürcher Kantonalbank, and Belgian VC company SFPI-FPIM. Early investors in the company such as CPH Bank also contributed to the round.
In addition to improving and further developing its software, the company plans to use the money to grow internationally and increase the size of its team.
OncoDNA was founded in 2012 and raised an €8M Series A round in 2016. The company has a focus on cancer diagnostic testing — DNA, RNA, and protein profiling and sequencing of both solid tumor biopsies and blood samples. It also has a proprietary database of cancer treatment knowledge.
The company has developed software known as OncoKDM that analyzes cancer test results using its database to provide oncologists with personalized treatment options for their patients. The tools OncoDNA has created can also be used by diagnostic labs to improve their accuracy and by pharma or biotech companies designing clinical trials.
Personalized medicine has really taken off in the last few years, particularly in the field of oncology. A number of diagnostic and sequencing companies such as Switzerland-based SOPHiA Genetics have turned to software development and tools such as machine learning and AI to provide better information for clinicians and drug developers.
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