PR91995

LONDON, Sept. 29, 2021, /PRNewswire-=KYODO JBN/ --

Lifebit Biotech Ltd – the leading precision medicine software company

democratising access to biomedical data for governments, healthcare providers

and research teams worldwide – has raised a $60 million Series B funding round,

led by global investment firm Tiger Global Management. Existing investors

Eurazeo, Pentech Ventures, and Beacon Capital also participated.

Unlocking access to biomedical data has the power to rid society of its most

devastating diseases. Yet despite the rapid growth of biomedical data in recent

years, only a fraction of it is being utilised for drug discovery and precision

medicine. This is because the data needed for such vital work is often

inaccessible and unusable. Whether that's down to governance, regulations,

security concerns, or inadequate technology.

Lifebit builds enterprise data platforms for use by organisations with complex

and sensitive biomedical datasets. This patented technology solves the biggest

roadblock for precision medicine - making highly sensitive biomedical data

securely accessible by bringing researchers' analysis and computation to where

data resides, instead of moving data around.

Lifebit's accompanying suite of AI-powered end-to-end software solutions

provide faster data insights, accelerate drug discovery pipelines, and improve

clinical trials success. This approach has seen Lifebit acquire high-profile

clients across the public and private sectors including contracts to power the

UK Government agency, Genomics England, and a long-term AI-partnership with

German pharma giant Boehringer Ingelheim.

"Making distributed highly-sensitive biomedical data usable while keeping it

secure in-place and combining it with other data has never been possible, until

now," said Dr. Maria Chatzou Dunford, Lifebit CEO. "It's great to see how

excited our investors are to support our mission and first-of-its-kind

transformative technology. With this new strategic backing, we will continue to

expand our global presence, with a focus on customer success and accelerating

the growth of our team."  

Partner at Tiger Global, John Curtius, added: "We are confident that Lifebit's

innovative and industry-leading software solutions, paired with their

customer-first approach, will drive rapid global adoption and accelerate

breakthroughs in precision medicine."

For the full release, click here.

About Lifebit Biotech, Ltd.

Lifebit builds enterprise data platforms for use by organisations with complex

and sensitive biomedical datasets. Lifebit's patented federated technology

securely unlocks access to biomedical data. From providing Trusted Research

Environments for national precision medicine programmes to enabling

pharmaceutical companies to discover new drug targets faster, Lifebit empowers

customers to transform how they leverage sensitive biomedical data.

About Tiger Global Management, LLC

Tiger Global is an investment firm focused on private and public companies in

the software, internet, and financial technology sectors. The firm backs

dynamic, market-leading companies in its core focus areas, with investments

including Stripe, Databricks and Facebook.

Source: Lifebit Biotech Ltd