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Sequence Bio Raises $3 Million US Series Seed Financing led by DCVC
Posted Wednesday, August 03, 2016
(August 3, 2016, St. John's, Newfoundland and Labrador) Canadian data-driven biotechnology company Sequence Bio announced the closing of a US $3 million series seed financing round led by Data Collective (DCVC), a leading venture capital firm based in Silicon Valley. DCVC was joined in the financing by existing investors Killick Capital, Venture NL and Klister Credit Corp.
Sequence Bio is building the world's most powerful big data resource for drug discovery through a 100,000 person genome sequencing project in the Newfoundland and Labrador genetic isolate founder population. This resource, when paired with cutting edge computational resources leveraging machine learning and artificial intelligence, will drive novel therapeutic discovery and development through a deeper understanding of causal human biology.
"Technology is disrupting the traditional drug-discovery paradigm, but these new technologies are starved for ground truth genomic and clinical data. At DCVC, we see Sequence Bio as a breakthrough source of both data and insight to improve global health by enabling faster, less-expensive delivery of more effective therapeutics," said Zachary Bogue, Co-Managing Partner at DCVC. "And while Newfoundland and Labrador is geographically far from Silicon Valley, this is a globally significant opportunity for drug discovery that we're excited to support." James Hardiman, partner at DCVC, will join the Board of Directors of Sequence Bio.
The eastern Canadian province of Newfoundland and Labrador is home to a unique, homogenous founder population of 500,000 people associated with the world's highest incidence of numerous rare mendelian conditions and complex diseases, and has an excellent electronic health record system. By partnering with the region's entire healthcare network and leading the 100,000 person genome project, Sequence Bio has created a one-of-a-kind opportunity to develop the world's richest, most compelling real-world data set that integrates a deep stack of multi-omics and longitudinal clinical information.
Sequence Bio's Co-founder and CEO Tyler Wish said from St. John's, Newfoundland and Labrador, "Building a company that can both impact drug discovery and patient care in a meaningful way is important to all of us at Sequence Bio. Our vision is better, safer drugs that deliver more healthcare value, and this investment will accelerate our already rapid growth. With this unique network of talent, advisors and expertise in big data supporting us, we have never been better positioned for success in drug discovery and precision medicine."
"DCVC is one of the premier venture capital firms that invests in entrepreneurs building transformative companies powered by deep compute and big data, and its principals have supported people seeking to disrupt industries for over twenty years, helping create tens of billions of dollars of wealth," said Sequence Bio Co-founder and COO Chris Gardner. "We look forward to the new relationship with DCVC and we are proud to have earned the continued confidence of our existing investors. We believe this is the first investment by a Silicon Valley venture capital fund into Atlantic Canada."
about sequence bio
Sequence Bio is a data-driven biotechnology company in Newfoundland and Labrador, Canada leading a 100,000 person genome project. This project will transform drug discovery and enable better healthcare outcomes through the use of well-characterized patient data integrated with multi 'omics information. Sequence Bio is committed to working with participants, collaborators and partners to enable innovation that enhances the lives of patients, families and communities in Newfoundland and Labrador and around the world. Please visit www.SequenceBio.co for additional corporate, investor and participant information.
about data collective
Data Collective (DCVC) is a venture capital fund headquartered in Palo Alto, California that invests in entrepreneurs applying deep compute, big data and IT infrastructure technologies to transform giant industries. DCVC and its principals have backed brilliant people changing global-scale businesses for over twenty years, helping create tens of billions of dollars of wealth for these entrepreneurs while also making the world a markedly better place. DCVC brings to bear a unique model that unites a team of experienced venture capitalists with more than 50 technology executives and experts (CTOs, CIOs, Chief Scientists, Principal Engineers, Professors at Stanford, Berkeley, and major technical universities) with significant tenures at top 100 technology companies and research institutions worldwide. DCVC focuses on Seed and Series A companies, and growth stage opportunities within its own portfolio.
about venture nl
Venture Newfoundland and Labrador LP is a private venture capital fund created by Pelorus, the Province of Newfoundland and Labrador, BDC Capital Inc. and angel investors. The goal of the Fund is to invest in and partner with entrepreneurs with innovative technologies, to help commercialize their product and services and grow their companies while providing venture returns for the investors.
VP Public Affairs & Communications