Personalized medicine company, Oneome, secured $3.3M in funding to expand offering to include comprehensive dynamic pharmacogenomics analysis and clinical decision support at the point of care.
Although this is the company’s first funding round, they have already come a long way. Oneome, a spin out from Invenshure, a digital health incubator and the Mayo Clinic’s Ventures and Center for Individualized Medicine, is rapidly developing and deploying the pharmacogenomics platform and clinical decision support.
“The technology is already live at Mayo Clinic through the Center for Individualized Medicine,” said Troy Kopischke, Oneome CEO. “Our current platform uses patient genetic profiles to determine the safety and metabolic uptake of the top 230 drugs, and by the end of Q1 2016 we anticipate being able to provide information on the top 350. The second component is dynamic integration of patient information including existing prescriptions, allergies, and drug-to-drug interactions to deliver timely evidence-based decisions at the point of care.”
Securing the $3.3M was not difficult. “Within the digital health sector, we’ve been successful securing over $20M from the local angel community for Oneome and other companies in the Invenshure portfolio,” commented Kopischke. “Although money flows differently in Minnesota compared to the Bay area, Minnesota has a robust angel network and strategics willing to back good ideas with strong management teams. Regional funding sources are less likely to get distracted by the next flashy thing.”
Kopischke notes that in Minnesota, both investors and talent have more aligned core values. “Resources in Minnesota tend to be more loyal and committed to seeing projects through to completion. In fact, there are many examples of technologies that would have been very difficult to build on either coast due to the loss of domain knowledge in talent transition.”
When it comes to offering advice to other entrepreneurs, Kopischke states, “It’s a lot of what you already know; a well thought out idea, a management team with a good track record, hiring people smarter than yourself and finding mentors that share your passion during the various stages of growing companies. There are a lot of great ideas out there but it takes hard work, financial backing and execution to successfully bring them to market.”
View the 2015 Annual Investment Report