Toronto startup Deep Genomics reels in C$5 mln


Toronto-based Deep Genomics, a genome biology startup, has raised C$5 million in seed funding. True Ventures led the round with participation from other investors that included Bloomberg Beta.

PRESS RELEASE

TORONTO, CANADA – Nov. 18, 2015 – Deep Genomics, a startup that has developed a unique deep learning-based technology that can sift through hundreds of millions of previously unknown genetic mutations and find ones that lead to disease, today announced the closing of Canadian $5 million in seed financing. Funding was led by True Ventures of the Bay Area with participation from Bloomberg Beta and other global angel investors.

The company will use the funding to grow its team of machine learning and genome biology experts and to further develop and validate its proprietary deep learning technology. With this newly acquired talent, Deep Genomics can continue to advance its ability to determine the consequences of genomic alterations on various cell mechanisms and can get closer to applying this technology to diagnostics, personalized medicine and pharmaceuticals.

“Deep Genomics is a prime example of how machine learning will impact the healthcare space,” said Adam D’Augelli of True Ventures. “Deep Genomics’ solutions will provide an understanding of genetic mutations that science has never had before, opening the door for hyper-personalized treatments and major developments in pharmaceuticals.”

The scientific community has spent decades searching for genetic mutations that arise in patients with certain diseases, but most mutations and combinations of mutations have never been studied. Deep Genomics is developing a computational engine that can efficiently explore these ‘unchartered mutations’ and, unlike existing technologies, determine why they cause problems at the cellular level. The computational system also connects mutations of unknown significance to variants that have been linked to a disease, determining their level of danger.

“With our unique technological approach, we are looking to create a shift in the current genomic medicine landscape,” says Brendan Frey, CEO of Deep Genomics. “With this funding, we will bring the best minds in machine learning and genome biology to the team, further develop our genetic interpretation engine, and test it experimentally. We are working with hospitals, biotech startup companies and pharma companies to test our system using the genetic data of patients that are stricken with genetic diseases.”

For more information about Deep Genomics, visit www.deepgenomics.com.

About Deep Genomics
The Deep Genomics team includes leaders in deep learning and genome biology. It is the first company to combine the science behind each to unlock a greater understanding of our DNA and the mutations that generate disease. Building a thorough understanding of these processes has massive implications for genetic testing, pharmaceutical research and development, personalized medicine and improving human longevity. The company is led by world-renowned inventor Brendan Frey.

About True Ventures
Founded in 2005, True Ventures is a Silicon Valley-based venture capital firm that invests in early-stage technology startups. With capital under management in excess of $1 billion, True provides seed and Series A funding to the most talented entrepreneurs in today’s fastest growing markets. With a mission to make the world a better place for entrepreneurs, True encourages each founder’s vision and has built resources to empower the employees, families and communities of its portfolio companies. The firm maintains a strong founder community and offers innovative educational opportunities to its portfolio, helping entrepreneurs achieve higher levels of success and impact. With more than 200 companies funded and multiple companies acquired, the current True portfolio has helped create over 5,000 jobs. To learn more about True Ventures, visit www.trueventures.com.

About Bloomberg Beta
Bloomberg Beta is a $75M fund capitalized by Bloomberg L.P. that backs and builds breakthroughs. Bloomberg Beta believes the best investors are entrepreneurs and vice versa. It is focused on investments in areas broadly of interest to Bloomberg L.P., and invests purely for financial return. Bloomberg Beta is headquartered in San Francisco with a presence in New York. For more information visit www.bloombergbeta.com.