The round will fuel the rapid adoption of biomedical data software around the world
International legal practice Osborne Clarke has advised investment firm Tiger Global Management, on its lead investment in Lifebit Biotech's $60 million Series B funding round. Lifebit Biotech is the global leader in population genomics and precision medicine software. The round is joined by existing investors Eurazeo IDinvest Partners, Pentech Ventures, and Beacon Capital.
Despite the rapid growth of biomedical data in recent years, only a fraction of it is being utilised for drug discovery and precision medicine. Lifebit’s pioneering federated approach makes this data findable, usable and actionable, providing an end-to-end solution that is swiftly disrupting the life sciences sector.
Lifebit’s patented, federated technology solves the biggest roadblock for precision medicine - making highly sensitive biomedical data securely accessible by bringing researcher’s analysis and computation to where the data resides, instead of moving data around. Lifebit’s suite of AI-powered, end-to-end software solutions provides faster data insights, accelerating drug discovery pipelines and improving clinical trials success.
In addition to the investment, Lifebit will leverage Tiger Global’s depth of expertise in effectively scaling software companies and accelerating product development as part of its global expansion. The past year has seen Lifebit acquire numerous high-profile clients across the public and private sectors, including a recent contract to support the implementation of the Hong Kong Genome Project, the first large-scale genome sequencing initiative in Hong Kong and a long term AI-partnership with German pharma giant Boehringer Ingelheim. This latest funding round will crucially enable Lifebit to double down on client success - fueling further support for existing partners, as well as those to come.
Osborne Clarke provided English law advice to Tiger Global. The Osborne Clarke team was led by US Managing Partner Steve Wilson, Associate Director James Taylor and Associate Andrew Massey. US law advice was provided by Gunderson Dettmer.
Osborne Clarke’s international venture capital practice is widely recognized as a leading European law firm for companies operating in tech-enabled industries and in the life science and healthcare sector. The Venture Capital team is ranked tier one by The Legal 500 and has experts across London, the Thames Valley and Bristol. It has an outstanding track record advising start-ups, global market leaders, angel investors and institutional VC/growth capital investors on funding rounds, follow-on rounds, venture debt facilities, IPOs, trade sales and buy & build projects.
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