| Image credit: Nostos Genomics
Nostos Genomics, a Berlin-based genetic analysis platform, has closed a €5M seed round from 42CAP, Frontline Ventures, Amino Collective, and Entrepreneur First. The funding comes after the startup had raised an undisclosed amount in a pre-seed round and in the form of convertible note in 2020.
Fund utilisation
The startup, working on an AI driven genetic analysis platform, will use the new seed money to speed up disease diagnosis. It aims to cut genetic disease diagnosis time from 12 hours to two minutes using its genetic analysis platform. The startup argues that the biggest reason for lack of treatment for genetic disease is the delayed diagnosis caused by the average time to diagnosis, which it estimates to be seven years.
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Nostos Genomics notes that more than 400 million people live with genetic diseases such as epilepsy, musculoskeletal disorders and autism, worldwide. The number translates to 5 per cent of the global population, but only 30 per cent of those who undergo genetic testing are diagnosed and treated with medical care tailored to their needs.
The medtech startup cites the labour intensive and time consuming processes that are part of genetic testing as the reason for this lower level of diagnosis and treatment. With its genetic disease identification technology, the startup wants to make it not only easier to diagnose genetic disease but also remarkably faster than current methodology.
In addition to speeding up its diagnosis tool, Nostos Genomics plans to use the seed funds to expand its genetic disease identification technology to new European markets and the US. The funds will also be utilised to expand its development team and launch a series of studies.
Dr Rocío Acuña Hidalgo, co-founder and CTO at Nostos Genomics, says, “Genetic disease impacts the lives of so many people across the world. Shockingly, many people spend their entire lives going from one medical doctor to another, without having a clear answer about what is causing their symptoms. Not only does this make treatment ineffective it can also add to their hardship. This is why we created Nostos Genomics. We wanted to find a way to help people with genetic diseases by enabling laboratories to significantly cut the time and labour associated with genetic testing to make it available to everyone.”
“Our platform dramatically cuts the cost of genetic testing while also improving diagnostic accuracy. With this seed round we will be able to quickly expand our team, enter a series of new markets including the US and conduct more studies to further develop our platform,” she adds.
Nostos Genomics: what you need to know
Nostos Genomics was founded in 2018 by David Gorgan and Dr Rocío Acuña Hidalgo. David gained experience with medical ML products and the healthcare industry while at Merantix, A.T. Kearney and an ETH Zurich lab. Rocío Acuña Hidalgo is a medical doctor with a PhD in human genetics and experience in genomics. Dr Ansgar Lange completes the current leadership team at Nostos Genomics.
The idea of Nostos Genomics stems from personal experience with the patient journey from the private environment of the founders. The founders understood the stressful and tedious diagnostic process for patients suffering from genetic disease and their relatives.
The AI driven medtech startup uses artificial intelligence to speed diagnosis of rare and genetic disease. It has built an artificial intelligence solution – AION – capable of identifying gene variants responsible for more than 10,000 diseases. The AI platform is used for the interpretation of genetic variants, supports laboratories and hospitals.
The real benefit of this AI platform is its ability to cut an average diagnosis time from 12 hours to within two minutes. The faster diagnosis also leads to significant cost cuts, according to the founders of the startup, while the automated process results in increased accuracy and reduces chances of misdiagnosis.
The solution from Nostos Genomics for genetic diagnosis has received CE-IVD certification and has already launched in Europe. It is currently using data from Genomics England for a large-scale validation study and is waiting for patent approval before its launch in the US.
Investors
The seed round saw participation from 42CAP, Frontline Ventures, Amino Collective, and Entrepreneur First. Other investors in the round include Konstantin Mehl of Kaia Health and Robert Fenton of Qualio. The round also witnessed participation from international backers such as Mark Evans of Kindred Capital and Acequia Capital.
Thomas Wilke, General Partner 42CAP, says, “Nostos Genomics has developed an incredibly exciting solution that will be a game-changer for genetic testing. It showcases how cutting-edge AI techniques can be practically applied to provide real world value. Laboratories across the world will benefit from faster, easier and more accurate testing which will in turn dramatically improve care for many patients. This funding marks an important step in Nostos’ journey and 42CAP will be there to provide its team every step of the way.”
“Rare genetic diseases remain incredibly difficult to diagnose and we have seen that Nostos Genomics’ technology can empower clinicians by providing them with faster, earlier and more accurate diagnoses for such diseases. In a part of healthcare where so many patients struggle to find answers, we believe that the ability to interpret and analyse genetic variants quickly will not only improve patient outcomes but also their general wellbeing having lacked useful information for too long. We are really excited to work together with 42CAP, Amino Collective and David, Rocio, Ansgar and the wider team in advancing genomic medicine,” says Will Prendergast, Partner at Frontline Ventures.
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