Tencent co-leads $50m series C round in healthtech startup Congenica

Congenica, a UK-based digital health company, announced that it has raised US$50 million in a series C round co-led by Chinese tech giant Tencent and London-based Legal and General Group.

China’s Puhua Capital, Malaysia’s Xeraya Capital, Muscat’s IDO Investments, alongside existing investors Cambridge Innovation Capital, Downing LLP, and Parkwalk also participated in the round.

Photo credit: Congenica

Founded in 2014, Congenica was born out of the research conducted by the Wellcome Sanger Institute and the United Kingdom National Health Service. Its software enables genomic data analysis of rare diseases and inherited cancer that is 20x faster than industry averages. It also provides a 30% higher analytical yield and reduces genomic interpretation costs by up to 95%, the company claims.

With a customer network across 18 countries, the UK startup said it has established a global customer base of hospitals, diagnostic laboratories, academic medical centers, and pharmaceutical companies.

The new funds will allow the company to accelerate its international market development, drive further commercialization of rare and inherited cancer applications, as well as expand its product platform into oncology and wellness.

It also looks to integrate with existing electronic health systems and deliver fully automated interpretation capabilities.

Last year, the company raised over 13.2 million pounds (US$17.6 million) from Digital China Health Technologies Corporation Limited, bringing the total capital it raised in its series B round to 23.3 million pounds (US$30.9 million).

Currency converted from Pound to US dollar: US$1 = 0.75 pound.