July 11, 2017 + Jessica Di Palo
5 Min read
MTIP announced today that it is leading a financing round for Helsinki, Finland-based Blueprint Genetics.
The company is an internationally successful provider of clinical genetic testing for the diagnosis of inherited diseases, leveraging a proprietary AI-enabled sequencing and interpretation platform. The start-up will receive a total of up to € 14 million from an international syndicate of investors. The financing round is led by new investors MTIP and Creathor Ventures, while existing investors Inventure and Pontos Group participating as well.
Blueprint Genetics covers the entire workflow from patient sample to automated clinical interpretation of the results provided in a ready-to-use report, using CLINT, its comprehensive artificial intelligence platform, together with its proprietary targeted sequencing technology, OS-Seq, developed at Stanford. Already today, Blueprint Genetics is one of the leading providers of clinical genetic testing with a portfolio of clinical-grade next generation sequencing (NGS) panels covering more than 2,200 disorders in 14 medical specialties such as cardiology, ophthalmology, hematology, neurology and immunology. The unique combination of genetic testing and analysis allows the company to gather variant data and link it to phenotype details, further building the already large underlying genetic database for high quality results interpretation. Blueprint today already works with more than 450 hospital customers in over 40 countries.
An estimated 350 million people globally are affected by severe inherited diseases. Sequence analysis is considered a standard approach for the identification and clinical diagnosis of the genetic cause of inherited disorders. Market experts estimate the overall genetic screening market will grow by more than 30 percent annually to a double-digit billion-dollar market in the next years. However, although sequencing costs declined, the complex procedure and cumbersome interpretation of results are still bottlenecks for commercial applications such as diagnostics, biomarker discovery and clinical drug development within clinical laboratories, hospitals and pharmaceutical companies.
Tommi Lehtonen, CEO of Blueprint Genetics stated: “We were pleased to see the high level of interest by our existing as well as top-tier new investors in participating in this financing round. These funds will enable us to move our sequencing technology and our clinical data interpretation platform to the next level in terms of services provided, efficiency and level of automation. Our vision is to bring the use of genetic information to mainstream healthcare, and we strongly believe that cost efficiency combined with uncompromised, high quality is the key to achieve this goal. The ability to automate and improve clinical interpretation processes with software will change the industry and with our unique set-up we are well positioned to be forerunners in this realm.”
Blueprint Genetics will use the proceeds from this financing round to fuel further growth, strengthen sales, expand its geographic footprint and establish programs to further increase the efficiency of its sequencing platform and continue the development of its software component and data pool to make interpretation of genetic data more efficient.
Dr. Christoph Kausch, Founding Partner and CEO said: “Blueprint Genetics has demonstrated an impressive evolution path in one of the top performing growth markets in the healthcare sector. At MTIP we believe the team has the right ingredients to unlock the potential of AI-enabled clinical genetic testing with its proprietary technology. That is why we have chosen Blueprint Genetics as an investment for our fund. We look forward to working together with Blueprint in its next development phase. 2
About Blueprint Genetics
Blueprint Genetics is a genetic diagnostic company that provides comprehensive genetics testing for all medical specialties. Its innovative technologies in human rare diseases enable improved tests with higher quality, lower cost and faster lead time. Blueprint offers full transparency to its technology, quality and performance, and analytic validations of its technologies. Its expert team of geneticists and clinicians together with its AI-powered CLINT technology provides top quality clinical interpretation and reports, changing the standards of molecular diagnostics. Blueprint Genetics is accredited by ISO 15189 and CAP (#9257331), and certified by CLIA (#99D2092375). For more information, visit www.blueprintgenetics.com.
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