Drug prescription healthtech, GenXys, closes $1.77 million seed round

Drug prescribing software, GenXys Health Care Systems, has raised $1.77 million CAD in seed funding as it looks to expand into the US.

“We have a crystal-clear vision that every prescription, globally, will be powered by our software.”

 
GenXys called the round oversubscribed, and saw key investments from Telus Ventures and TYDO. The Vancouver-based startup has developed what it calls a “precision prescribing software,” capable of identifying optimal drug options for patients. The software uses biophysical, drug, diseases, and pharmacogenetic data to find the best options for individual patients.

“We have a crystal-clear vision that every prescription, globally, will be powered by our software,” said GenXys CEO, Karl Pringle. “Our capital partners support our mission of enabling society to benefit from truly personalized medications, to replace the current trial and error approach to prescribing.”

GenXys noted that mainstream approaches to drug prescribing assumes all patients are similar but treatments often end up being ineffective, it stated that it is tackling a $130 billion global problem with its software.

After what it called “early commercial success in Canada” the startup plans to use the $1.77 million to help fund its expansion into new regions. It pointed to the US as a strong market for its platform. Its goal is to not only expand its reach globally but also increase patient safety and medication effectiveness, at the same time as reducing healthcare costs.

The company stated that it “has embarked on a number of ground-breaking initiatives to consolidate and enhance its market-leading position as it enters the US market.”

RELATED: Medstack raises $2.4 million oversubscribed seed round led by Telus Ventures

GenXys is currently working with a number of partners including the BC-based Digital Technology Supercluster, where it is working on the Secure Health and Genomics Platform project. The supercluster project is looking to build a core infrastructure for a “secure health genomic platform” that could help develop advanced cancer treatments through personalized onco-genomics, (the specific characterization of cancer-associated genes). GenXys is one of more than 25 organizations working on the project including the University of British Columbia, Terry Fox Research Institute, and Telus.

In Canada, GenXys is currently working with laboratory testing company, LifeLabs to offer pharmacogenetic testing – the study of inherited genetic differences in drug metabolic pathways, which can affect individual responses to drugs.

The University of British Columbia also licenses GenXys’ technology and prior to this funding round the startup was already partnering with Telus, which hosts its system on servers within Canada.

“By considering thousands of pieces of information using advanced computational analysis, our unique precision prescribing software helps find the right drug options, tailored precisely for each person, within seconds,” said Martin Dawes, GenXys’ co-founder and chief scientific officer.

Image via Unsplash

Meagan Simpson

Meagan Simpson

Meagan is the Associate Editor for BetaKit. A tech writer that is super proud to showcase the Canadian tech scene. Background in almost every type of journalism from sports to politics. Podcast and Harry Potter nerd, photographer and crazy cat lady.