Wide Range of Investors Fund Congenica
Developing technology for the healthcare market requires substantial resources. Fortunately, Congenica has tapped into a variety of funding sources. Tencent, Puhua Capital, IDO Investments, Parkwalk, Cambridge Innovation Capital, and Downing have funded the business.
Tencent, a global company based in China, has invested in over eight hundred companies, including Tesla, Snap (the social media business), and Epic Games (creator of Fortnite). Puhua Capital, also based in China, has invested in more than seventy companies, including Blue Lion (a publishing company) and Kingday (an electric vehicle company).
The Healthcare Business Has Customers in Eighteen Countries
The genomics startup company has expanded to serve customers around the world. For a new business, there is one relationship that stands out in particular. Congenica works with the NHS Genomic Medicine Service as its clinical decision support service provider. The NHS (National Health Service) is the UK’s publicly funded healthcare organization. In addition, the company also works with the University of Cambridge (the startup is based in Cambridge), New York State, Digital China Health, and the Sanger Institute.
The healthcare and genomics business has already delivered time savings and efficiency gains for its customers. Genomics England uses Congenica software to process more than two thousand genomes per week. That’s a significant advance compared to 2006 when the National Human Genome Research Institute estimated that it would take approximately $20 million to sequence a single human genome.
The Genetic Disease Market Opportunity
As a diagnostic platform, the genomics and healthcare startup company plans to focus on genetic diseases. Common genetic illnesses include sickle cell disease (which affects approximately 100,000 Americans) and Down Syndrome. Among other difficulties, people with Down Syndrome tend to have a shorter life expectancy — 47 years old — in the United States (US). Market Research Future estimates that the genetic testing market will be worth $22 billion by 2024.
New Chief Business Development Officer
The genomics startup business has ninety-one employees, according to the company LinkedIn page as of March 2021. The company hired Kamraan Shariff to become its Chief Business Development Officer in March 2021, a signal to focus more on sales. Shariff worked at Drawbridge Health, a health technology company. In financial services before joining the company, Shariff gained global work experience working in Europe, Asia, and the United Kingdom (UK).
About the Author
Bruce Harpham is an author and marketing consultant based in Canada. His first book, "Project Managers At Work," shared real-world success lessons from NASA, Google, and other organizations. His articles have been published in CIO.com, InfoWorld, Canadian Business, and other organizations. Visit BruceHarpham.com for articles, interviews with tech leaders, and updates on future books.