GenomeUp Closes 1.5 Million Round Led by Scientifica and Lazio Innova

GenomeUp, a biotech startup that uses artificial intelligence to support the diagnosis of genetic diseases, has announced a new €1.15 million round led by Scientifica, the venture capital firm that supports researchers and startups working in the field of scientific research and technological innovation, and Lazio Innova through Innova Venture, the venture capital fund of the Lazio Region. Also participating in the round were Smart Lab Partner, Mailbì, Mgm, and Finalca (a family office headed by the Cazzola family, which had already invested in the round a year ago).

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GenomeUp has developed an innovative platform, JuliaOmix, which enables support for the diagnosis of genetic diseases

GenomeUp was founded in Rome in 2017 by Simone Gardini (CEO and chief scientific officer), Giovanni Stracquadaneo (COO), and Nicolò Risitano (CTO), was accelerated by LUISS Enlabs in 2017, and in 2018 raised €200,000 seed round, of which €60,000 came from LVenture Group and the rest from some Angel Partners Group partners and third-party investors. GenomeUp was then accelerated in the U.S. in 2019 at Berkeley SkyDeck’s Global Innovation Program, the business accelerator at UC Berkeley.

A year ago it had closed an additional €1.1 million round led by Lumen Ventures, in which a|impact (the positive social impact investment vehicle promoted by Etica sgr), GMC Group, Padda Health, and Finalca had participated.

GenomeUp has developed an innovative platform, JuliaOmix, which, through sophisticated bioinformatics and artificial intelligence algorithms, enables support for the diagnosis of genetic diseases and can be used by physicians, genetic biologists, research centers, laboratories, and hospitals to accelerate the time to diagnosis, improve patient care, streamline laboratory diagnostic processes, and provide knowledge for preventive health care. GenomeUp ended 2021 with revenues of about €165,000, negative Ebitda of around €300,000, and equity of €59,000 . In September 2022, its technology was adopted by the Bambino Gesù Children’s Hospital in Rome to support medical staff.

Scientifica Venture Capital, founded by Riccardo D’Alessandri in November 2021 with the aim of supporting researchers and startups that present innovative technological ideas, is participated by Ventiseidieci, an Italian company founded by D’Alessandri himself and active in research and development in the field of new materials, biotechnology, and artificial intelligence, and London-based venture capital operator LSG Ventures Limited.

In April 2022 launched its first call

Since then, it has already funded four startups: Brief, which developed a social network that can identify users’ interests and synthesize them into short voice notes; Exo Lab Italia, the biotech startup that uses plant nanovesicles from natural organic farming to transport nutrients into the body; Vbite, which developed an innovative horse bit; and Libera Biotech, founded that created a product line of highly innovative dermo-cosmetics and medical devices. And, in June 2022, it backed Green Independence, an innovative startup founded in 2020 with the goal of democratizing access to renewable energy to halt and reverse global warming.

As for Innova Venture, the venture capital fund of Lazio Innova, the Lazio Region’s innovative business investment company, which is also owned by the Rome Chamber of Commerce, was launched in 2018 with an endowment of €20 million to be invested directly in the capital of startups and SMEs in Lazio, along with private and independent co-investors.

At the end of the year, it financed, together with Primo Space Fund, the startup Irreo, which develops cutting-edge precision irrigation systems in an €850,000 round to foster the company’s commercial development in other countries in Europe. And in the previous year Wetacoo, a startup that developed an innovative integrated logistics solution for picking up, transporting, storing and returning items together with LVenture Group, and agritech startup Elaisian, together with Fortitude Group Holding.

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(Featured image by PublicDomainPictures via Pixabay)

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