Connect with us

Crunchbase

C2i Genomics Secures $100M Note To Detect Tiny Traces of Cancer

C2i’s cancer diagnostics service uses AI pattern recognition and whole-genome analysis to spot trace amounts of cancer much quicker.

Published

on

Cancer intelligence company C2i Genomics is developing a platform that can perform a whole-genome sequencing using only 2 milliliters of blood, as well as provide 100x more sensitive cancer detection than competitors, according to company co-founder and CEO Asaf Zviran.

Subscribe to the Crunchbase Daily

On Thursday, the New York-based company announced a $100 million convertible note to accelerate the clinical development and commercialization of its platform. Behind the note is a group of investors including Casdin Capital, NFX, Duquesne Family Office, Section 32, iGlobe Partners and Driehaus Capital. Additional participation came from The Mark Foundation for Cancer Research, Silver Lake, Alexandria Real Estate, Gordon Asset Management and LionBird.

How it works

C2i’s cancer diagnostics service uses artificial intelligence pattern recognition and the whole-genome analysis to spot trace amounts of cancer much quicker, in about a week, to inform better treatment decisions and ultimately save lives. The company aims to help patients avoid unnecessary overtreatment with toxic chemotherapy or radiation, as well as to prevent them from going without treatment while cancer quietly grows and metastasizes.

That’s important to Zviran who is a cancer survivor and has supported family members through their cancer diagnoses and treatments. Previously in the defense sector in Israel, he was diagnosed with cancer at 28 years old.

“After I went through surgery, I spent most of my time talking to oncologists to understand how treatment optimization works and how they had a lack of tools to do that in an effective manner,” Zvrian said. “I went back to school and got my Ph.D. in genomics and focused on how to use blood samples to monitor cancer.”

He developed the technology for the origins of C2i Genomics for three years before getting to the point where he felt he could create the company in late 2019.

Investment

With the note, the company has raised a total of $113.2 million in venture-backed capital, including a $12 million Series A round in 2020, according to Crunchbase data.

“It was a quick fundraising that started in January,” Zvrian said. “We initially looked at equity, but decided with the rapid growth of the company, the market, and the commercialization potential, we thought it would be better to do a note to give us flexibility going into the next fundraising event. We received strong interest, but it was important to choose the right partners.”

James Currier, general partner at NFX, feels the same way. He became acquainted with C2i Genomics through his colleague, NFX’s Head of Bio Omri Amirav-Drory. The seed investor came in for C2i’s seed in August 2019 and stayed for its Series A and the note.

What C2i has been able to do is establish clinical trials with six institutions around the world and prove its technology with data, Currier said.

“The technology, AI and software they built is more sensitive and accurate than others on the market,” he added. “It is time to ramp up the testing and approvals. They have six trials right now, but there are other institutions wanting to be seven, eight and nine. To staff up those CLIA labs, they’ll need cash.”

Growth

Meanwhile, with the note closed, Zvrian intends to move quickly from technology development and validation to scale-up commercialization. The funds will be used on R&D, adding staff and getting technology into the clinic. The company also aims to launch its diagnostic indication in the U.S. and Europe.

C2i has a CLIA (Clinical Laboratory Improvement Amendments) lab in Massachusetts and an R&D center in Israel. The CLIA lab was the result of C2i’s acquisition of QNA Dx in March, Zvrian said.

“We are working at better detection,” he added. “We have almost 40 employees and plan to double that number by the end of the year. Our solution is still very new on the market, and with improvement in performance we can do clinical applications not done before. With a cloud environment, every clinical lab will be able to use this to do detection and monitoring.”

Illustration: Li-Anne Dias

Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.

C2i’s cancer diagnostics service uses artificial intelligence pattern recognition and the whole-genome analysis to spot trace amounts of cancer much quicker, in about a week, to inform better treatment decisions and ultimately save lives. The company aims to help patients avoid unnecessary overtreatment with toxic chemotherapy or radiation, as well as to prevent them from going without treatment while cancer quietly grows and metastasizes.

Source: https://news.crunchbase.com/news/c2i-genomics-secures-100m-note-to-detect-tiny-traces-of-cancer/

c2i-genomics-secures-$100m-note-to-detect-tiny-traces-of-cancer

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Crunchbase

Curate Brings In $1.25M Seed For Small Business Sales, Operations Platform

The company’s platform provides back office functions so that small businesses can focus on building clientele and maximizing profits.

Published

on

After a year of helping small businesses navigate sales and operations during the global pandemic, Curate has raised a $1.25 million seed to continue developing its modern sales and operations platform for florists, caterers and other creative businesses.

Subscribe to the Crunchbase Daily

Ryan O’Neil and his wife founded the St. Louis-based company in 2013 after previously owning a wedding and event floral business together. A year in, and their event company was losing customers because it was taking too long for O’Neil’s wife to get proposals back due to the time she put into researching all of the event components and their costs.

“Sitting at the kitchen table, we realized that all of these spreadsheets and lists should be talking to each other,” he said. “We started building a tool for ours and other florist businesses, but then started having catering companies ask us for software.”

Curate’s platform enables businesses to create proposals, process payments, manage supply chains, and maintain communication with customers and suppliers so owners can spend more time on their business. It also has workflow integrations with popular tools such as Square, QuickBooks and Stripe.

The seed round was led by OCA Ventures, which was joined by Jim McKelvey, Cultivation Capital and Stout Street Capital. Prior to this investment, Curate was largely bootstrapped with a small seed round, O’Neil said.

“Coming out of COVID, there were some important opportunities we knew we had to jump on, and we knew if we were going to raise a Series A, we needed all of the pieces in order,” he added. “We ended up finding great partners, like OCA.”

O’Neil intends to use the new funding on technology development, to grow and provide new features and functionalities, especially for catering companies, as well as for a more robust customer relationship management platform for florists.

Tamim Abdul Majid, general partner at OCA Ventures, said he was introduced to O’Neil by another entrepreneur in St. Louis. The firm was looking for solid vertical SaaS solutions and was impressed with how well O’Neil had coordinated Curate’s growth.

“Ryan is the kind of customer-driven CEO that we like,” Abdul Majid said in an interview. “His numbers are really good, he has good economics and churn rates — the right kind of thing you want to see in a SaaS play. In addition, Ryan’s customers are some of the best we have had in terms of fans, who are saying ‘you can’t take this service away from me.’”

Meanwhile, O’Neil said Curate experienced “explosive demand” over the past year, with April 2021 revenue up 700 percent over the year prior. As such, he also expects to double his employee headcount to 32 people and is hiring in infrastructure and product development.

During the global pandemic, the company was working with customers to cancel events and solve supply chain issues. Within six weeks, Curate had also built a brand-new product for customers to see what their workflow would look like for one product versus another. It even hired a full-time employee to answer Paycheck Protection Program questions and help companies apply, O’Neil said.

Next up, the company will round out key roles within the leadership team and work on product development.

“As we look forward, we will be restructuring the application so it is faster and stronger,” O’Neil added. “One of the key things that showed up this year was that we can jump verticals. We are seeing dynamic growth with caterers, but also have landscapers, interior designers and creative small businesses, and we want to be the sales and operations center for all businesses.”

Illustration: iStock

Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.

Source: https://news.crunchbase.com/news/curate-brings-in-1-25m-seed-for-small-business-sales-operations-platform/

curate-brings-in-$1.25m-seed-for-small-business-sales,-operations-platform

Continue Reading

Crunchbase

Macrometa Locks Down $20M To Be The Amazon Prime Of Edge Computing

Palo Alto, California-based edge compute company Macrometa closed a $20 million Series A less than eight months after announcing its $7 million seed funding.

Published

on

Palo Alto, California-based edge compute company Macrometa closed a $20 million Series A less than eight months after announcing its $7 million seed funding.

Subscribe to the Crunchbase Daily

The round was led by Pelion Venture Partners, with participation from existing investors

DNX Ventures, Benhamou Global Ventures (BGV), Partech Partners, Fusion Fund, Sway Ventures and Shasta Ventures. Founded in 2017, the company has raised $29 million to date.

Macrometa allows developers to build and run data-heavy cloud applications using real-time information and analytics at the edge — speeding up the process by bringing it closer. Co-founder and CEO Chetan Venkatesh compared what Macrometa does for developers in edge computing to what Amazon Prime did for the retail space.

“Amazon Prime created local caches of local goods,” he said. “We are doing the same thing for data and applications.”

In edge compute terms, that means getting developers the data they need faster and in real-time.

“We are big data meets fast data,” he added.

Fast growth

The 62-person company began last year with a few hundreds-of-thousands of dollars in revenue, but by the end of the year saw several millions of dollars in sales, Venkatesh said. It was then he started to think about raising a fresh Series A to help scale up the company.

Chris Cooper, general partner of Pelion, already had expressed interest in leading such a series and jumped at the chance to invest in another infrastructure and cloud-related company — having prior investments in companies like Cloudflare, Red Hat and Riverbed.

“To me, this smelled like and sounded like the thing that helped build our firm,” he said.

Venkatesh said the company will use the money to continue to build its solution and go-to-market strategy. The company expects to grow revenue 3x to 4x this year, and add to its customer base that already includes about a half dozen large enterprises, he said.

Using other forecasts as guidelines, Macrometa estimates the market for data services in the cloud to be about $50 billion. However, many solutions, such as those offered by SAP, Oracle, AWS and Google, are cloud-centric, not edge-native, Venkatesh said.

That difference could help the company dominate an edge compute market just coming into focus, he added.

Cooper said there are aspects of Macrometa that remind him of Cloudflare early on.

“We didn’t know what Cloudflare could truly be back then,” he said “But these are companies that change the way we interact with data.”

Illustration: Li-Anne Dias.

Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.

Macrometa allows developers to build and run data-heavy cloud applications using real-time information and analytics at the edge — speeding up the process by bringing it closer. Co-founder and CEO Chetan Venkatesh compared what Macrometa does for developers in edge computing to what Amazon Prime did for the retail space.

Source: https://news.crunchbase.com/news/macrometa-locks-down-20m-to-be-the-amazon-prime-of-edge-computing/

macrometa-locks-down-$20m-to-be-the-amazon-prime-of-edge-computing

Continue Reading

Crunchbase

Inside Didi’s Massive IPO Filing

Backed by investors including SoftBank and Toyota, Didi last raised venture financing with a $500 million round led by SoftBank in May 2020, per Crunchbase.

Published

on

Chinese ride-hailing company Didi Chuxing has filed to go public in the United States.

Subscribe to the Crunchbase Daily

Didi is more or less the Uber of China. In fact, the company bought Uber’s operations in China back in 2016. And now it’s looking to go public in a deal that could value it at more than $70 billion, according to The Wall Street Journal.

Backed by investors including SoftBank and Toyota, Didi last raised venture financing with a $500 million round led by SoftBank in May 2020, per Crunchbase. It also raised $1.5 billion in debt financing in April 2021.

SoftBank, Uber and Tencent are among the largest shareholders in the company, which is based in Beijing. Uber became a stakeholder in the company after selling its Chinese operations to Didi.

Didi operates in 15 countries and has 493 million annual active users, along with 15 million annual active drivers, according to its F-1. The company reported having 41 million average daily transactions on its platform.

In terms of numbers, the company reported $21.6 billion in revenue last year. Although that figure is down from the nearly $24.2 billion in revenue the company generated in 2019, it’s nothing to scoff at and can likely be attributed to the COVID-19 pandemic. Its losses came out to about $2.1 billion in 2020, up from about $1.25 billion in 2019. The company isn’t profitable, and has had losses every fiscal year since it was founded in 2012.

Didi detailed how the pandemic affected its business, reporting that operations rebounded in the second half of 2020.

“The demand for our mobility offerings, as well as the supply of drivers, decreases drastically under such conditions. Our Core Platform GTV fell by 32.8% in the first quarter of 2020 as compared to the first quarter of 2019, and then by 16.0% in the second quarter of 2020 as compared to the second quarter of 2019,” the company wrote in its filing. “Our businesses resumed growth in the second half of 2020, which moderated the impact on a year-on-year basis.”

Goldman Sachs, Morgan Stanley and J.P. Morgan are among the underwriters for the IPO.

The company applied to list on the New York Stock Exchange under the ticker DIDI.

Illustration: Li-Anne Dias

Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.

Source: https://news.crunchbase.com/news/ride-hailing-giant-didi-chuxing-files-for-us-ipo/

inside-didi's-massive-ipo-filing

Continue Reading

Title

ZDNET3 hours ago

How to build business credit

Business credit is vital for businesses that need to borrow money to grow. Building business credit is not impossible; it...

Blockchain news5 hours ago

Global Financial Indexes Provider MSCI Plans to Launch Crypto Indexes

Global securities index publisher MSCI is considering launching cryptocurrency indexes. Yet, Henry Fernandez, CEO of the MSCI did not disclose...

Business insider16 hours ago

Artificial Organs Market | $ 10.90 billion growth expected during5 | Technavio

NEW YORK, June 18, 2021 /PRNewswire/ -- The artificial organs market is expected to grow by USD 10.90 billion during...

Crunchbase19 hours ago

Curate Brings In $1.25M Seed For Small Business Sales, Operations Platform

The company's platform provides back office functions so that small businesses can focus on building clientele and maximizing profits.

Entrepreneur21 hours ago

3 Simple Things You Can Do to Build a Healthy, Thriving Email List

Your list is only as good as the number of real people on it.

Techcrunch1 day ago

Tiger Global in talks to back BharatPe at $2.5 billion valuation – TechCrunch

Indian fintech startup BharatPe is in advanced stages of talks to raise about $250 million in a new financing round...

Reuters1 day ago

Largest Boeing 737 MAX model set for maiden flight -source

Boeing Co (BA.N) was readying the largest member of its 737 MAX family for its maiden flight on Friday, a...

Entrepreneur2 days ago

Free Webinar | June 22: How to Grow & Thrive in an Evolving Business Landscape

SurveyMonkey CEO, Zander Lurie, shares how he's embraced change over his 20-plus year career.

CNBC2 days ago

The Fed moves up its timeline for rate hikes as inflation rises

However, the central bank gave no indication as to when it will begin cutting back on its aggressive bond-buying program.

CNBC2 days ago

Oracle guidance misses expectations, stock drops

Oracle reported better-than-expected results and showed accelerating growth compared with the immediate impact of the coronavirus last year.

Review

    Select language

    Trending