Genomics Medicine Ireland, a Dublin, Ireland-based life sciences startup, raised $40m in Series A funding.
Backers included ARCH Venture Partners, Polaris Partners, the Ireland Strategic Investment Fund and GV (formerly Google Ventures).
The company intends to use the funds to establish a genomic research and development program in Dublin and to create 150 skilled jobs focused on advanced genomic research over the next three years.
Led by Daniel Crowley, acting CEO, Genomics Medicine Ireland is creating a scientific platform to examine the human genome in order to better understand the role of genetics in disease and rare conditions, and to lead to new prevention strategies and treatments.
The GMI platform is based on the work of Amgen’s subsidiary, deCODE genetics, in Iceland. which has proven that population genome studies offer an effective system for elucidating the underlying biology of major diseases and identifying new drug targets.
The application in Ireland of the approach pioneered at deCODE will further broaden the power of this model to make and validate such discoveries and apply them to benefit patients.