Syapse Raises $10 Million Series B Financing Led by Safeguard Scientifics
Disruptive cloud-based software platform enables healthcare providers to adopt precision medicine
PALO ALTO, Calif. and Wayne, July 10, 2014-- Syapse, creators of the Precision Medicine Data Platform, today announced that it raised $10 million in Series B financing, led by Safeguard Scientifics (SFE) with participation from Series A investor, The Social+Capital Partnership. This financing will enable Syapse to extend its lead in helping healthcare providers deploy precision medicine programs to utilize genomics and clinical data to support treatment decisions. In addition, Syapse will use proceeds to expand sales, marketing and client services, as well as further accelerate product development. To date, Syapse has raised a total of $14.5 million.
The amount of information a physician must synthesize in making a diagnosis and treatment decision is increasing exponentially. Critical data is locked up in electronic medical records, and new data-producing technologies such as genetic sequencing are being deployed at point of care.
The Syapse Precision Medicine Data Platform integrates complex genomic and clinical data with care pathways and medical knowledge bases, providing clinicians with actionable insights to enable diagnosis and treatment. The Syapse platform enables longitudinal tracking of patients over time, creating expansive sources of real world evidence that will be used to power learning health systems across networks of affiliated health providers. The platform integrates data from electronic medical records, molecular testing labs, imaging and billing systems, and is agnostic to the data source or system.
Today, Syapse software is being used to transform the care of complex diseases, such as cancer. In close collaboration with both academic and community healthcare providers, Syapse helps accelerate the deployment of precision medicine programs. One recently announced collaboration with Intermountain Healthcare, Intermountain Cancer Genomics, is a comprehensive service bringing tumor genome profiling, personalized treatment planning, drug procurement, longitudinal monitoring, and outcomes analysis to community oncologists at Intermountain and worldwide.
"At Syapse, we are focused on improving healthcare though software that helps clinicians utilize complex genomic and clinical data," said Glenn Winokur, cofounder and CEO of Syapse. "As our work with leading healthcare providers shows, software that helps clinicians make sense of complex data at scale is critical to enabling precision medicine. We are excited to bring Safeguard onto our team. Safeguard has extensive experience in helping build and scale successful healthcare companies. Together with Safeguard and The Social+Capital Partnership, Syapse will be able to further cement our position as the leading precision medicine data platform."
"Healthcare is at the precipice of a complete transformation that places patients at the center of the healthcare ecosystem and elevates quality and outcomes over quantity and volume," said Gary J. Kurtzman, M.D., Managing Director, Healthcare at Safeguard. "In addition, there remains an ever-growing demand by physicians for cloud-based platforms that improves efficiencies, optimizes patient outcomes and ultimately drives down costs. Syapse is well positioned to be the interface between clinician, therapy, and patient data as sequencing continues to gain adoption. We're excited to partner with this seasoned team who bring together a highly specialized blend of bioinformatics, IT, consumer genetics and clinical experience."
Syapse is a software company enabling healthcare providers to deploy precision medicine programs. Leading academic and community healthcare providers use the Syapse Precision Medicine Data Platform to integrate complex genomic and clinical data to provide clinicians with actionable insights at point of care, enabling diagnosis, treatment, and outcomes tracking. Headquartered in Palo Alto, CA, Syapse is backed by Safeguard Scientifics (SFE) and The Social+Capital Partnership. For more information, please visit http://www.syapse.com.
About The Social+Capital Partnership
The Social+Capital Partnership ("Social Capital") is a partnership of the world's most renowned philanthropists, technologists, and capitalists utilizing venture capital as a force to create massive value and change on a global scale. The Partnership is based in Palo Alto, CA.
About Safeguard Scientifics
Safeguard Scientifics, Inc. (SFE) has a distinguished track record of fostering innovation and building market leaders. For six decades, Safeguard has been providing growth capital and operational support to entrepreneurs across an evolving spectrum of industries. Today, Safeguard is focused specifically on two sectors--healthcare and technology. Recent successful exits include Alverix (acquired by Becton, Dickinson for $40 million); Crescendo Bioscience (acquired by Myriad Genetics for $270 million); NuPathe (acquired by Teva Pharmaceutical Industries for $144 million); and ThingWorx (acquired by PTC for initial proceeds of $112 million). For more information, please visit http://www.safeguard.com or Follow Us on Twitter @safeguard.
Except for the historical information and discussions contained herein, statements contained in this release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Our forward-looking statements are subject to risks and uncertainties. The risks and uncertainties that could cause actual results to differ materially include, among others, our ability to make good decisions about the deployment of capital, the fact that our partner companies may vary from period to period, our substantial capital requirements and absence of liquidity from our partner company holdings, fluctuations in the market prices of our publicly traded partner company holdings, competition, our inability to obtain maximum value for our partner company holdings, our ability to attract and retain qualified employees, market valuations in sectors in which our partner companies operate, our inability to control our partner companies, our need to manage our assets to avoid registration under the Investment Company Act of 1940, and risks associated with our partner companies, including the fact that most of our partner companies have a limited history and a history of operating losses, face intense competition and may never be profitable, the effect of economic conditions in the business sectors in which Safeguard's partner companies operate, and other uncertainties described in our filings with the Securities and Exchange Commission. Many of these factors are beyond the Company's ability to predict or control. As a result of these and other factors, the Company's past financial performance should not be relied on as an indication of future performance. The Company does not assume any obligation to update any forward-looking statements or other information contained in this press release.
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