PROVO, Utah, Dec. 4, 2014 /PRNewswire/ -- Tute Genomics, a leader in cloud-based solutions for genome analysis, has raised $2.3 million in Series A1 funding led by UK-based Eurovestech. Peak Ventures and a number of angel investors also participated in the investment round.
"We are at a pivotal time in genomics as the healthcare community adopts next-generation sequencing and seeks new approaches for the diagnosis, treatment and prevention of disease," said Reid Robison, MD MBA, and CEO of Tute Genomics. "One of the main barriers to making personalized, genome-guided medicine a reality is data analysis, and Tute's platform drastically decreases the complexity and cost of analyzing genomic data sets. With the support of our new and existing investors, this financing will help us achieve our goal of transforming healthcare by bringing genomic insights into routine medical practice."
Tute Genomics has developed a comprehensive cloud-based genome analytics platform that empowers clinicians and researchers to draw meaningful insights from genome sequencing data. The ease of use and power of Tute's software gives labs, clinicians and researchers the ability to unlock the genome, personalize treatment and power discovery. Nearly 10,000 samples have already been processed by the platform, and Tute has commercial agreements in place across numerous institutions including clinical labs, molecular diagnostic companies, and research institutions.
Eurovestech has built a considerable reputation as a forward-thinking investment firm, distributing capital to innovative software and technology companies. "We believe Tute's platform is extremely well-positioned to help drive precision medicine forward," said David Ristow, Director of Investment at Eurovestech. "Together we are expediting genetic discoveries and enabling the adoption of genomic medicine in everyday clinical care." Eurovestech's position as lead investor also enables Tute to accelerate European expansion efforts. The enterprise API and genetic variant database developed by Tute is already in use by several European companies including ABL's OncoChek software, DataBiology's Enterprise SaaS tool for oncology, and Patients Know Best's personal health record. "We have been believers and backers of Tute from the beginning and are excited to partner with Eurovestech in this next phase of growth for the company," added Jeff Burningham, Founder and Managing Partner of Peak Ventures.
"We are fortunate to have Eurovestech as a new investment partner, and we share the same vision of data-driven medicine, by making genome analysis more accurate and accessible to the entire medical community," said Kai Wang, PhD, and President of Tute. "Next-generation sequencing is poised to revolutionize healthcare, however, analyzing this type of large-scale complex genetic data has traditionally been too difficult and costly. At Tute, we are excited to be solving these challenges by combining computational biology with big data technologies in an intuitive user interface so that more and more healthcare and research organizations can tap into the potential of the human genome to deliver valuable information about health and disease."
About Tute Genomics
Tute Genomics is a Utah-based company developing innovative cloud solutions to power the world's genomic knowledge, in order to accelerate genetic discovery and enable precision medicine. Tute's flagship product is a genome annotation and interpretation platform that assists clinicians and researchers in identifying disease genes and biomarkers from next-generation sequencing data. Tute is built on the expertise that developed ANNOVAR, the most widely used genome annotation technology with more than 900 scientific citations. To learn more, please visit www.tutegenomics.com.