NEW YORK – SimBioSys said Tuesday that it has raised $15 million in a Series A funding round co-led by Genoa Ventures and Northpond Ventures, with participation from AV8 Ventures, Heritage Medical Group, and Mayo Clinic.
Existing investors and founders also participated, bringing the company's total capital raised to $21 million.
The firm plans to use the money to accelerate the development and commercialization of its TumorScope software platform, a simulation-based, precision medicine tool that combines artificial intelligence with biophysical simulations to model the impact of things like drug delivery, metabolism, and spatial heterogeneity on cancer.
According to the company, results are generated within minutes, either to inform physician decision-making or to support the drug development process in pre-clinical and clinical trial settings.
SimBioSys said it is collaborating with 20 leading cancer institutions across the country to run clinical validation studies, initially focused on breast cancer.
"The rate of innovation in oncology is truly inspiring, but it doesn't always translate to benefit for most patients [and] SimBioSys firmly believes we can do more with what is currently available while accounting for the rapidly evolving standard of care to ensure all patients have access to precision medicine," CEO Tushar Pandey said in a statement.
The company said Northpond Ventures' Andrea Jackson and Genoa Ventures' Vikram Chaudhery will both join its board of directors following the investment round.