Congenica raises additional £13.25 million to reach a total of £23.3 million for Series B funding round

Cambridge, United Kingdom – 30th April 2019 – Congenica, the global clinical decision support platform provider, today announced it has raised a further £13.25 ($17.1) million in additional equity investment, led by Parkwalk Advisors. The round attracted new strategic investors, including Digital China Health Technologies Corporation Limited (DCHealth), alongside follow-on funding from existing investors. The total amount raised across its B round financings is now £23.3 ($30.1) million.

Congenica was recently awarded a multi-year contract to be the exclusive provider of Diagnostic Decision Support Services for the world leading NHS Genomic Medicine Service, allowing clinicians to use its Sapientia™ platform and expert support services to interrogate the human genome to identify disease-causing variants. The company is now looking to accelerate growth, with commercial scale-up to support further penetration into international markets, to expand on the initial focus of the US and China.

In addition, the new capital will drive the development of an enhanced product platform that harnesses the power of statistics and machine learning technology to augment the ability of users to make diagnostic decisions. In parallel, new versions of the company’s SapientiaTM platform will incorporate extensive automation and broaden the clinical and commercial focus to support cancer treatment decisions, pharmacogenomics and health management.

Dr David Atkins, CEO of Congenica, said: “With the formalisation of our partnership with the NHS, we are now focused on accelerating the introduction of important new features to our platform. These funds will allow us to automate SapientiaTM, to support wider usage and reduce costs to healthcare providers, helping more clinicians provide accurate, rapid and cost-effective diagnoses to patients and their families.

“In addition, we can now begin to penetrate international markets. The deepening of our relationship with DCHealth gives us greater insight into the needs of the China market, with the recent development of an on-premise version of our platform the most notable example.”

Mr David Shi, CEO of DCHealth, commented: “As the provision of routine clinical genomics services continues to increase in China and other global markets, the challenge of analysis and interpretation of genomic data into meaningful, clinically-actionable results is coming into force. Our investment reflects Congenica’s proven abilities and track record and underlines our confidence that its platform and services will contribute to the new era of genomic medicine internationally.”

Dr Andy Richards, Chairman of Congenica, said: “Congenica is at the exciting scale-up stage of its commercial development, at the forefront of the fast-moving genomics market. Its recent successes demonstrate that, with the right investment and leadership, world-leading technology companies can be built from UK science. With this additional investment, Congenica is poised to become the leading clinical genomics service provider; and will benefit patients globally.”

Source: https://www.congenica.com/2019/04/30/congenica-raises-additional-13m-for-series-b-funding-round/

Cytora secures £25 million Series B investment led by EQT Venture

Portfolio company Cytora, that has developed an AI-powered solution for commercial insurance underwriting, has raised £25 million in a Series B round. New investorEQT Ventures led the round with Parkwalk, Cambridge Innovation Capital and a number of others investors participating.

A spin-out of the University of Cambridge, Cytora  was founded in 2014 and launched its first product in late 2016 to a number of large insurance customers, with the aim of applying AI to commercial insurance supported by various public and proprietary data. This includes property construction features, company financials and local weather, combined with an insurance company’s own internal risk data.

“Commercial insurance underwriting is inaccurate and inefficient,” says Cytora CEO Richard Hartley. “It’s inaccurate because underwriting decisions are made using sparse and outdated information. It’s inefficient because the underwriting process is so manual. Unlike buying car or travel insurance, which can be purchased in minutes, buying business insurance can take up to seven days. This means operating costs for insurers are extremely high and customer experience isn’t good leading to a lack of trust.”

To illustrate how inefficient commercial insurance can be, Hartley says that for every £1 of premium that businesses pay to insurers, only 60 pence is set aside to pay total claims. The other 40 pence evaporates as the “frictional cost of delivering insurance.”

Powered by AI, Hartley claims that Cytora is able to distill the seven-day underwriting process down to 30 seconds via its API. This enables insurers to underwrite programmatically and build workflows that provide faster and more accurate decisions.

GeoSpock raised £2 million investment from Parkwalk Advisors

The unique spatial big data platform that enables companies to access dynamic contextual data visualisation and programmatic analytics appoints new non-executive board member  and announces additional investment

Cambridge, UK, 26th March 2019: GeoSpock® – the extreme-scale spatial big data integration company that provides analytics, builds insight, and enables predictions across space and time – today announced the appointment of Pontus Noren to a Non-Executive role on its Board of Directors, as well as a £2 million investment from Parkwalk Advisors.   

Having recently closed a £10 million funding round, the additional £2 million from Parkwalk Advisors will provide continued support for GeoSpock’s international expansion and build on the company’s rapidly developing client accounts. This additional strategic support brings the company’s total amount raised to date to £21.25 million. Following this financial success, GeoSpock has undertaken a number of strategic decisions. This includes new appointments to its senior leadership team and advisory board, as well as the development of projects in targeted avenues to aid continued growth of the company.

Having worked in the IT industry for over 20 years, Noren brings a wealth of experience within the technology ecosystem. He is currently Vice Chairman of the Board at Cloudreach, an international cloud computing consultancy, where he was previously CEO. Under his leadership, the company was recognised as a Leader in the Gartner Magic Quadrant and also ranked top 25 in The Sunday Times Hiscox Tech 100 for two years running. Noren will now use his passion for innovative technology to help GeoSpock’s Board and executive teams drive the company’s next phase of growth.

Richard Baker, CEO, GeoSpock, comments: “We are delighted to announce the addition of Noren to our Board of Directors at this exciting period of growth for GeoSpock. I am hugely impressed with the wealth of knowledge and experience Noren brings to our business, and his expertise will be instrumental in helping to guide the continued expansion and success of GeoSpock. We also thank Parkwalk Advisors for their continued support as we strive to achieve our technological vision across industries spanning mobility, telco, and IoT, as well as smart city and maritime initiatives.”

Pontus Noren, Non-Executive, Board of Directors, GeoSpock, comments: “GeoSpock is a hugely exciting company and I’m inspired by its achievements so far, as well as its potential for the future. With its technology at the cutting edge of spatial big data, GeoSpock helps feed my passion for innovation. I look forward to playing a key role in the delivery of GeoSpock’s vision, and working with my Board colleagues and executive teams to build on the company’s further success.”

GeoSpock aims to become the de facto processing engine at the heart of next-generation infrastructure, including smart cities and the Internet of Everything (IoE), as well as powering future mobility applications, including the management of autonomous vehicle fleets. The company’s revolutionary data engine analyses extreme amounts of contextual data in sub-second response time.