St. Louis-based PierianDx, which has developed genomics software aimed at helping health care groups improve medical care, plans to pursue expansion after raising $30 million in financing.
New York-based health care investment firm OrbiMed led the startup’s funding round, which includes equity investment and a term loan facility. Other investors in the deal include Health Catalyst Capital, Research Triangle Institute, Inova Health System, ATW Partners and SJF Ventures. The majority of the $30 million is equity investment, a company spokeswoman said.
PierianDx said the financing could expand through the credit facility to include an additional $17.5 million in 2022 and 2023, subject to certain conditions. The fresh funding comes after PierianDx in 2019 raised $27 million in a Series B funding round.
Launched in 2014, PierianDx was spun out of Washington University. PierianDx's software and services provide clinical genomic analysis for treatment of complex diseases. It says its technology is used by health care providers, laboratories and medical centers to tailor their care for patients around precision medicine.
“To manifest the full impact of genomics, we must routinely apply it in clinical settings,” said Rakesh Nagarajan, founder, president, and chief technical and visionary officer of PierianDx. “Our interpretation technology and services lead the way by empowering medical facilities to understand a patient’s genetic variation, identify the best treatment options and deliver the most precise care.”
PierianDx said its new financing will provide it with the ability to expands its commercial operations “in response to increased demand” from the health care industry for its technology and services.
"This capital will allow us to continue building a world-class team and deliver transformative solutions to leading health care organizations everywhere so that they can bring genomics into their communities,” said CEO Mark McDonough.
PierianDx has more than 250 employees, with 55 located in St. Louis. The startup said its remaining employees are based at its Pune, India, office or work remotely. With its fresh funding, PierianDx said it plans to invest in additional staffing and technology in the next year to two years.
