150 new jobs as Genomics Medicine Ireland raises $40m in Series A round
Pictured from left: Co-founders of Genomics Medicine Ireland, Daniel Crowley, Paul Thurk, Sean Ennis and Maurice Treacy with An Taoiseach Enda Kenny, TD. Image: Conor McCabe Photography

150 new jobs as Genomics Medicine Ireland raises $40m in Series A round

26 Oct 201662 Shares

Irish life sciences and data analytics start-up Genomes Medicine Ireland is to create 150 new jobs after securing $40m in Series A funding from investors.

Investors in the company – which collects, manages and analyses genomic data – include Google Ventures, the Ireland Strategic Investment Fund, ARCH Venture Partners and Polaris Partners.

This investment will enable Genomics Medicine Ireland to undertake comprehensive population-scale genome studies.

‘Genomics Medicine Ireland has the potential to play a significant role, in collaboration with the Irish healthcare system, in the identification of transformative treatments for a range of diseases that have eluded effective treatment to date’
– PAUL SAUNDERS

Genomics Medicine Ireland is creating a scientific platform to examine the human genome, in order to better understand the role of genetics in disease and rare conditions, and to lead to new prevention strategies and treatments.

The company was founded in Ireland last year by a group of leading life science entrepreneurs, investors and researchers. It now includes, among its founders, Amgen.

The next generation of medicine

“Genomics Medicine Ireland has the potential to play a significant role, in collaboration with the Irish healthcare system, in the identification of transformative treatments for a range of diseases that have eluded effective treatment to date,” explained Paul Saunders, head of innovation with the Ireland Strategic Investment Fund.

“We look forward to Genomics Medicine Ireland developing into a company of international significance and establishing Ireland as a global leader in precision medicine and next-generation healthcare.”

The Genomics Medicine Ireland platform is based on the pioneering work of Amgen’s subsidiary, DeCode Genetics in Iceland, which is widely recognised as the birthplace of population genomics.

DeCode’s approach, led by its founder and CEO Dr Kári Stefánsson, has proven that population genome studies offer an effective system for elucidating the underlying biology of major diseases and identifying new drug targets.

The application in Ireland of the approach pioneered at DeCode will further broaden the power of this model to make and validate such discoveries and apply them to benefit patients.

“We’ve seed-funded seminal genomics companies over the past 20 years, such as Illumina and DeCode Genetics,” said Paul Thurk, managing director of ARCH Venture Partners and founding director of Genomics Medicine Ireland.

“Genomics Medicine Ireland’s strong team and experienced partners, combined with Ireland’s very singular setting, can uniquely build off that core work to enable next generation medicine.”

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John Kennedy
By John Kennedy

Editor John Kennedy is an award-winning technology journalist. He joined Silicon Republic in 2002 to become the fulcrum of the company’s news service He was recipient of the Irish Internet Association’s NetVisionary Technology Journalist Award 2005 and Siliconrepublic.com has been awarded ‘Best Technology Site’ at the Irish Web Awards seven times. In 2011 he received the David Manley Award commending him for his dedication to covering entrepreneurs. His interests include all things technological, music, movies, reading, history, gaming and losing the occasional game of poker.

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