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Rising Funding for Genomics and Increasing Penetration of AI in Genomics are Transforming the AI in Genomics Market

   December 7, 2022

Genomics involves the study of genomes through the analysis, sequencing, and mapping of genes. AI has exhibited several applications in genomics regarding variant calling, genome annotation, variant classification, and genetic diagnosis. With technological advancements improving the accuracy, cost, and time in mapping the entire human genome, many companies are investing in genomics to explore its applications in drug discovery and development, diagnostics, and precision medicine.

The knowledge and understanding of genomic research have various applications, such as in medicines, biotechnology, agriculture, and social sciences. The application of AI in genomics has been soaring over the last few years. According to the data released by National Human Genome Research Institute in 2021, genomic research will likely generate 2–40 exabytes of data within the next decade. DNA sequencing and similar biological techniques will increase the complexity of such data. Therefore, genomic researchers rely on AI-based computational tools to handle, extract, and analyze genomic datasets.

AI tools can help enhance the interpretability of genomic data by converting genomic data into actionable clinical information. Furthermore, AI can also develop targeted therapies for different types of patient groups.

With the integration of AI in genomics, AI platform developers for genomics are seeking funding to further advance their offerings.

For instance,

  • In March 2022, Illumina Accelerator, a support funding program developed by Illumina, Inc. (U.S.), invested in Seven Omics Startups, advancing breakthrough therapeutics, diagnostics, DNA storage, and mental wellness. With this investment, an AI-driven, proteogenomic company, NonExomics, Inc (U.S.), is developing a proprietary platform to map novel drug targets from uncharacterized regions of the genome.
  • In March 2022, a cloud-based biomedical data analysis software developer, DNAnexus, announced the completion of a $200 million financing round to develop its core genomics and multi-omics platform using AI and ML tools
  • In January 2022, cloud-based biotech company SeqOne Genomics (France) raised a series A funding of $23.66 million (€23 million) to develop genomic analysis solutions for personalized medicine using cloud-based AI-driven platforms
  • In July 2021, the AI therapeutics company Deep Genomics (Canada) closed a series C funding round of $180 million, led by investors, namely, Fidelity Management & Research Company LLC (U.S.), Canadian Pension Plan Investment Board (CPP Investments), and Alexandria Venture Investments (U.S.) among others.

In addition to private investments and funding, public organizations such as National Human Genome Research Institute (U.S.) are providing funding for AI or ML-driven genomic research to tackle complex biomedical and precision medicine challenges. Thus, the rising funding instances in AI and genomic research and the growing integration of AI and genomics are expected to drive the global AI in genomics market at a CAGR of 42.8% to reach $6.22 billion by 2029, according to the Meticulous Research® report.

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