Genoox Raises $6 Million in Funding to Fuel Expansion Into U.S. Healthcare Market

NEW YORK–(BUSINESS WIRE)– Today, Genoox,
the genomic analysis company on a mission to make it easier and more
affordable for doctors, clinicians and researchers to improve patient
outcomes using big data, announced a $6 million investment led by
Inimiti Capital Partners and Glilot Capital Partners, one of the world’s
highest performing early stage funds. A number of private investors from
the genetic field also participated. The new capital will be used to
expedite their genomic services and provide medical facilities with
innovative solutions to help solve real and pressing healthcare problems
in the U.S.

Genoox is part of a new breed of emerging tech companies in the
healthcare space focused on solving problems at the core of patient
management. With the expansion into the U.S. market, Genoox will help
medical facilities integrate clinical genetic sequencing data into their
patient workflow by providing the most modern data mining and analysis
technologies. Genoox is unique in its ability to simplify data
management and interpretation, driving broader adoption of genomic
information in patient treatment decisions by accelerating the
collection, analysis and application of genetic sequencing data
worldwide. For clinicians, Genoox creates value by translating complex
genetic data into specific, actionable insights that can be shared with
the patient.

“With healthcare costs on the rise, and the question of who is
responsible for those costs are on the minds of every American, Genoox
wants to make it easier and more cost effective for medical providers to
identify the genetic root cause of diseases and medical conditions.
Rapid genetic diagnosis can help avoid a costly and frustrating
diagnostic odyssey for the patient by enabling providers to treat
patients in a faster, more accurate, cost-effective manner,” said Amir
Trabelsi, CEO and co-founder of Genoox. “It is possible to lower costs
while providing better medical treatments if clinicians and researchers
have the right tools required to understand the vast amount of genetic
information they are collecting. We help them to process the
information, using our platform of genetic applications, in minutes
rather than the old standard of hours or even days. Genoox can also
reduce the current costs of clinical sequencing by up to 90% while
maintaining high sensitivity and accuracy.”

Clinical diagnostics in the U.S. represents about 2% of healthcare
spend, yet drives nearly 70% of clinical treatment decisions. Genoox is
tackling issues at the core of healthcare by combining a deep
understanding of science with vigorous data analytics to lower costs and
improve patient outcomes.

“Genoox offers more accurate disease detection at a lower cost, making
NGS more useful and available to all,” said Arik Kleinstein, co-founder
and managing partner of Glilot Capital Partners. “Currently, clinical
NGS is limited to academic centers and expensive specialty labs. The
Genoox model will help to make cutting-edge genetic science available to
community medical centers and underserved global markets. We believe
that this is a game changer.”

“With clinical sequencing still in its early days, we believe Genoox is
positioned to become the clinical ‘operating system’ for NGS samples,”
said Alon Geva, general partner at Inimiti Capital Partners. “The
ability of the Genoox platform to translate complex data into clinical
answers in a rapid, cost-effective way will help to make NGS available
to the everyday patient.”

Genoox works with a variety of leading medical centers and
pharmaceutical companies, providing faster and more accurate genomic
testing results. In 2017, Genoox was chosen as a partner of the Israeli
government, tapped to analyze the genetic sequencing of more than
100,000 citizens.

About Genoox

Genoox is a genomic analysis company on a mission to make clinical
genetic sequencing more accessible and affordable. Using its cloud-based
platform, Genoox manages the entire genetic sequencing process from raw
data collection to the delivery of clinical actionable insights. By
automating data interpretation and providing millions of in-house and
public data points through a proprietary search engine, Genoox aims to
improve patient outcomes with increased accuracy and efficiency,
enabling personalized medicine. Users across research, clinical and
medical facilities can then securely share complex clinical research
using a set of customizable tools developed to analyze data and generate
actionable reports. Genoox has an international footprint, with a U.S.
presence in Palo Alto and New York City. The company was co-founded by
Amir Trabelsi and Moshe Einhorn in 2014.

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