LONDON, Sept. 29, 2021 /PRNewswire/ -- Lifebit Biotech Ltd – the leading precision medicine software company democratising access to biomedical data for governments, healthcare providers and research teams worldwide – has raised a $60 million Series B funding round, led by global investment firm Tiger Global Management. Existing investors Eurazeo, Pentech Ventures, and Beacon Capital also participated.
Unlocking access to biomedical data has the power to rid society of its most devastating diseases. Yet despite the rapid growth of biomedical data in recent years, only a fraction of it is being utilised for drug discovery and precision medicine. This is because the data needed for such vital work is often inaccessible and unusable. Whether that's down to governance, regulations, security concerns, or inadequate technology.
Lifebit builds enterprise data platforms for use by organisations with complex and sensitive biomedical datasets. This patented technology solves the biggest roadblock for precision medicine - making highly sensitive biomedical data securely accessible by bringing researchers' analysis and computation to where data resides, instead of moving data around.
Lifebit's accompanying suite of AI-powered end-to-end software solutions provide faster data insights, accelerate drug discovery pipelines, and improve clinical trials success. This approach has seen Lifebit acquire high-profile clients across the public and private sectors including contracts to power the UK Government agency, Genomics England, and a long-term AI-partnership with German pharma giant Boehringer Ingelheim.
"Making distributed highly-sensitive biomedical data usable while keeping it secure in-place and combining it with other data has never been possible, until now," said Dr. Maria Chatzou Dunford, Lifebit CEO. "It's great to see how excited our investors are to support our mission and first-of-its-kind transformative technology. With this new strategic backing, we will continue to expand our global presence, with a focus on customer success and accelerating the growth of our team."
Partner at Tiger Global, John Curtius, added: "We are confident that Lifebit's innovative and industry-leading software solutions, paired with their customer-first approach, will drive rapid global adoption and accelerate breakthroughs in precision medicine."
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About Lifebit Biotech, Ltd.
Lifebit builds enterprise data platforms for use by organisations with complex and sensitive biomedical datasets. Lifebit's patented federated technology securely unlocks access to biomedical data. From providing Trusted Research Environments for national precision medicine programmes to enabling pharmaceutical companies to discover new drug targets faster, Lifebit empowers customers to transform how they leverage sensitive biomedical data.
About Tiger Global Management, LLC
Tiger Global is an investment firm focused on private and public companies in the software, internet, and financial technology sectors. The firm backs dynamic, market-leading companies in its core focus areas, with investments including Stripe, Databricks and Facebook.