Boston Startup Veritas Genetics Draws $30 Million in Series B Funding
Published: Oct 18, 2016
- Expands Team with Strategic Hires to Drive Advancements in Whole Genome Sequencing
BOSTON, Oct. 17, 2016 /PRNewswire/ -- Veritas Genetics, a global leader in accessible genetic testing, announced $30 million in Series B funding from existing backer Lilly Asia Ventures and new investors Trustbridge Partners and Jiangsu Simcere Pharmaceutical. The round, led by Trustbridge Partners, a global growth equity investor with offices in Boston and Shanghai, and Jiangsu Simcere Pharmaceutical, one of the largest pharmaceutical companies in China, will be allocated towards expanding the company's product portfolio and operations, enhancing the consumer digital experience and forging key partnerships with hospitals and researchers globally.
The first company to break the $1,000 genome barrier earlier this year, Veritas Genetics offers whole genome sequencing as well as targeted genetic screening tests in hereditary cancer and reproductive health. The investment brings Veritas Genetics' total funding to $42 million, $12 million of which was garnered through a Series A round in 2015.
"With a $999 genome, we are at the tipping point of a transformation in healthcare where the genome is going to be at the center of many decisions we make about our health and quality of life, throughout our lives," said Mirza Cifric, founder and CEO of Veritas Genetics. "This investment is not only a sign of confidence in our team and the company but one for the entire genomic industry. We are excited to have our new investors, which include world class teams with strategic value in the U.S. and Asian markets, as we expand globally."
To lead these efforts, the Company welcomes three seasoned executives to its team:
- Chief Operating Officer, Tim Smith, is a 20-year-veteran in operations and information technology, with senior roles at Sapient, Fidelity, Hewlett Packard and most recently, Cimpress. Tim brings decades of experience in scaling organizations and technology and is building the infrastructure to scale the Veritas Genetics platform for global genomic services.
- Chief Marketing and Design Officer, Rodrigo Martinez, previously Life Sciences Chief Strategist at IDEO and Principal at The Boston Consulting Group, is leading the strategic marketing and design of a Veritas Genetics consumer engagement platform, a first-of-its-kind endeavor in the genomics space.
- Chief Commercial Officer, Doug Flood, a seasoned commercial and corporate development executive, is driving rapid growth through partnerships with leading researchers, clinicians and international commercial partners embracing the value of accessible genetic testing.
Co-founded in 2014 by Harvard Medical School Professor and genetics pioneer, Dr. George Church, Veritas Genetics was recently recognized by MIT Technology Review as one of the top "50 Smartest Companies 2016 in the World."
The Veritas Genetics executive team's experience sequencing whole genomes extends more than 10 years as part of the Personal Genome Project (PGP) at Harvard Medical School. In addition to Mirza Cifric and Dr. Church, Veritas Genetics was founded by Chief Scientific Officer, Preston Estep III, PhD, director of gerontology at the PGP and Jonathan Zhao, PhD, managing director Asia.
About Veritas Genetics
Veritas Genetics is a global pioneer in disease prevention through accessible genetic information. By removing barriers to genetic screening and whole genome sequencing, Veritas Genetics empowers individuals and doctors to make informed lifestyle decisions that enable disease prevention and longer, healthier lives. Veritas is founded by leaders in genomics from Harvard Medical School and operates globally from its offices in the U.S., Europe and China. www.veritasgenetics.com.
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SOURCE Veritas Genetics