The key to unlocking so-called “precision medicine” is thought to be genomic data. According to some predictions, 500 million human genomes will have been sequenced by 2025, yet only a small portion of that will be used for drug discovery and precision medicine.
Lifebit is one of the most important firms to emerge in the field, as it enables for greater access to worldwide biomedical data for drug discovery. Tiger Global Management sponsored a $60 million investment round for the company. Eurazeo, Pentech Ventures, and Beacon Capital were among the existing investors.
Lifebit claims to have patented technology for federating genetic data, allowing researchers to gain greater insights while maintaining data security. When it comes to genomic data, privacy concerns are frequently voiced. Let’s face it: your genome is the most personal thing you have. When human genetic data is used in the identification of uncommon diseases, the company claims that patients are five times more likely to receive a correct diagnosis. That is why these “Clinico-genomic” databases can have such a big impact.
The Hong Kong Genome Project and an AI relationship with German pharma firm Boehringer Ingelheim is among Lifebit’s clients, which span the public and private sectors. It also got the contract to power Genomics England in the United Kingdom.
“We believe all biomedical data that can save lives should be used,” said Lifebit CEO and former bioinformatics researcher Dr. Maria Chatzou Dunford. People are dying as a result of how this data is managed, and until now, it has never been possible to make dispersed extremely sensitive biological data useable while keeping it secures in place and merging it with other data.” “We believe all biomedical data that can save lives should be used,” said Lifebit CEO and former bioinformatics researcher Dr. Maria Chatzou Dunford. People are dying as a result of how this data is managed, and until now, it has never been possible to make dispersed extremely sensitive biological data useable while keeping it secures in place and merging it with other data.”
“We are sure that Lifebit’s innovative and industry-leading software solutions, along with their customer-first attitude, will drive rapid worldwide acceptance and accelerate advances in precision medicine,” said John Curtius, a partner at Tiger Global. DNAnexus, Seven Bridges, and Iqvia are all competitors for Life bit.
