Phosphorus Raises $10 Million in Series A Funding
Financing led by FirstMark Capital will fuel expansion of cloud-based genome and lab management software and the launch of clinical genetic tests.
New York. July 27, 2016.
Phosphorus, a new computational genomics company, announced today the close of a $10 million Series A funding round led by FirstMark Capital, with participation from the founders and several angel investors. Phosphorus is building a genomic data network that will help providers, researchers, and patients around the world better understand and harness the power of the human genome. The funds will be used to grow the company’s New York-based team of computer scientists, engineers, and geneticists and drive product development of new clinical tests and software.
Phosphorus was recently launched by Alexander Bisignano and Santiago Munne following the sale of the commercial assets of Recombine, a leading reproductive genetics company also founded by the pair to CooperSurgical in a transaction valued at $85 million. Phosphorus will continue to work with CooperSurgical by providing support for the delivery of the Recombine commercial tests. Phosphorus is also leading large-scale research initiatives such as FertilityMap, a first-of-its kind study aimed at using genetics to bring clarity to the infertility journey.
“We have built Phosphorus as the hub of a new computational biology network. The network will continue to grow with the genetic data from the Recombine carrier screening test, and it will further expand as we launch clinical genetic tests in new disease areas, such as cardiology and infertility,” said Alexander Bisignano, CEO of Phosphorus. ”Our goal is to build a platform that enables labs across the world to easily offer the most advanced genetic tests, all while connecting within an ecosystem that becomes smarter and facilitates more accurate patient diagnosis as it grows.”
“Accessing the full utility of the human genome in medicine has been limited by a number of fundamental challenges. Providers often do not receive the resources to interpret increasingly complex genomic data. Many hospitals and laboratories lack the informatics and expertise to properly build and handle high-throughput sequencing. Researchers often lack access to useful clinical data that could help bridge the gap between our DNA and our health,” said Matt Turck, Managing Director at FirstMark Capital. “Phosphorus is approaching these challenges with integrated data-driven solutions that will ultimately enable better care for patients and more cost-effective solutions for payers.”
Phosphorus is a computational genomics company with the vision to create a world where every healthcare decision is optimized with genomics. Founded in 2016 and based in New York City, Phosphorus develops powerful data-driven software that enables labs around the world to deliver the most advanced clinical genetic tests. Phosphorus is committed to an active research and development program with an initial focus on decoding the genetic causes of infertility. With a team of experts in computational biology and computer science, Phosphorus is building a data network that will help providers, researchers and patients around the world better understand and harness the power of the human genome. For more information visit:<a href=""http://www.phosphorus.com/"">www.phosphorus.com</a> and @phosphorus.
About FirstMark Capital
FirstMark Capital is an early stage venture capital firm based in New York City. Our mission is to partner with exceptional entrepreneurs who are changing the world by solving meaningful problems. We have completely rethought how venture capital accelerates the success of entrepreneurs, with a network and technology-driven platform that connects FirstMark companies with customers, talent, and expertise. We are privileged to work alongside the founders of iconic companies like Pinterest, Shopify, Riot Games, InVision, Tapad, Schoology and dozens more. Visit us in New York City or online at www.firstmarkcap.com and @firstmarkcap.