CIBC Innovation Banking, the technology lending arm of Canadian bank CIBC, has provided US$10 million of growth financing to St. Petersburg, Florida-based InformedDNA, a provider of genetic testing services. InformedDNA is backed by TT Capital Partners, NovaQuest Capital Management, and Frist Cressey Ventures.
CIBC Innovation Banking is pleased to announce a US$10 million growth capital financing for InformedDNA.
Founded in 2005, InformedDNA was built with the vision to provide genetic testing services to patients and health insurers. The St. Petersburg, Florida-based company optimizes genetic-related healthcare spending and patient care by improving access to clinical and scientific genomics expertise. It is the nation’s largest independent provider of genetic specialists enabled by a comprehensive evidence-based knowledge library for genetic tests and hereditary conditions.
InformedDNA recently announced a strategic growth investment with private equity funds TT Capital Partners, NovaQuest Capital Management, and Frist Cressey Ventures. The company will use the capital to continue scaling its technology and expand its staff of genetic counselors.
“InformedDNA has a deep understanding of the genetic testing space and uses this knowledge to help both patients and insurance companies improve outcomes,” said Jeff Chapman, a Managing Director in CIBC Innovation Banking’s Menlo Park office.
“CIBC Innovation Banking understands the capital needs of our business and is willing to provide a flexible debt solution so we can continue to execute on our business strategy,” added David Nixon, CEO of InformedDNA.
About CIBC Innovation Banking
CIBC Innovation Banking delivers strategic advice, cash management and funding to North American innovation companies at each stage of their business cycle, from start up to IPO and beyond. With offices in Atlanta, Austin, Chicago, Denver, Menlo Park, Montreal, Reston, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC’s commercial banking and capital markets businesses in the U.S. and Canada.
InformedDNA is the authority on the appropriate use of genetic testing. It leverages the expertise of the largest full-time staff of independent, board-certified genetics specialists in the U.S. to help ensure health plans, hospitals, employers, clinicians and patients all have access to the highest quality genetic services. Key offerings include clinical genetic counseling, genetic testing utilization management, genetic testing payment integrity, and expert genetics clinical trial support. For more information: www.InformedDNA.com