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Genemod raises cash for its lab inventory management service used by research institutions around the US – TechCrunch

Genemod, a software program for laboratory stock administration utilized by establishments just like the College of Washington Faculty of Drugs; the College of California, Berkeley, and the Nationwide Institutes of Well being; has raised $1.7 million from a clutch of prime enterprise traders.

The small seed spherical got here from Defy.vc, with extra commitments from Omicron, Unpopular Ventures, Underdog Labs and Canaan Companions.

With the capital, the corporate mentioned it will develop a product administration software program to go with its present stock administration service.

These are small stepping stones on the best way to paving a brand new street to pharmaceutical improvement primarily based on collaborative information sharing expertise, the corporate mentioned.

It’s a street that firms like Owkin and Within3 have raised massive {dollars} to pave already. They’re simply two firms available in the market which are constructing collaborative software program for the pharmaceutical industries.

Genemod’s pitch is that it could enhance productiveness by giving researchers a greater window into the instruments they’ve and the instruments they should speed up the method of experimentation with out downtimes whereas ready for provides.

“Whereas the life sciences business is understood for creating ingenious options to a few of the world’s greatest well being issues, many scientists are working with handbook, siloed and inefficient processes,” mentioned Jacob Lee, the corporate’s chief government.

Alongside the funding, Defy.vc will function a progress companion for Genemod, supporting the corporate as it really works to roll out its product roadmap for the latter half of the 12 months. Neil Sequeira, co-founder and managing director of Defy.vc, will be a part of Genemod’s Board of Administrators.

Based in 2018, Genemod was a part of the primary cohort of Venture Out Startups, a pre-seed funding program designed to encourage entrepreneurs to begin their very own companies.

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Author

Jonathan Shieber