Digital healthcare company iLoF today announced a new $5 million funding round to “accelerate the future of personalized medicine and combat severe disease,” accelerate existing commitments to some of the world’s leading pharmaceutical, biotechnology and clinical companies and streamline platform development.
This platform allows to significantly accelerate the search for new clinical molecular patterns, which could be critical for the development of new effective treatments, or for more accurate patient diagnoses.
“Currently, the iLoF smart platform is collecting massive amounts of data to build a library of biological profiles, bringing together global physicists, biologists, and data scientists in the search for a new way to develop customized therapies and identify biological profiles that could save lives for patients around the world,” the company explained. In a statement.
Regarding the funding round, it was led by the Portuguese company Faber, with the participation of North American funds M12, venture capital fund of Microsoft and Quiet Capital, European funds Lunar Ventures, Alter Venture Partners, re.Mind Capital and Fluxunit, the venture capital fund of AMS OSRAM . Also on the round were angel investor Charlie Songhurst, former general manager of Microsoft, and Berggruen Holdings, Nicolas Berggruen’s family officer, investor and philanthropist.
In total funding, the company has already raised more than $8 million (about €7.86 million) and by 2023 iLoF will employ more than 20 people, specifically from the physics, data science, biology and product management sectors.
“For years, treatments have been developed with the assumption that they work for everyone. However, everyone is different, and for many serious conditions such as Alzheimer’s disease, several factors can contribute to the effectiveness of treatment in a given patient. This means that millions of patients are currently living without Access to effective, disease-modifying therapy – fueling the mission behind iLoF We capture massive amounts of data to create digital copies of biological profiles and disease subtypes, which we store in our digital library Thus, the platform will be able to select and track different patient profiles , accelerating the development of effective and personalized treatments, and allowing for more human- and patient-centered clinical trials.”
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