It’s a mix of fintech, healthtech and AI with Genesis, Suvera, iLoF and Humanloop grabbing tech funding.
Genesis, a low-code application development platform for financial markets organisations, has announced $20 million (£16 million) in new investments from Bank of America, BNY Mellon and Citi. These investments follow the firm’s $200 million (£164 million) Series C funding in February.
Healthtech Suvera has revealed a seed extension financing round of £5 million led by Morningside Ventures, a Boston-based private equity and venture capital firm.
Digital health company iLoF has secured $5 million (£4 million) to expand its digital library of biomarkers aimed at tackling the world’s deadliest diseases.
Humanloop, a developer toolkit for AI, has raised seed funding of $2.6 million (£2 million) from various investors, led by Index Ventures.
Good Times at Genesis
According to Genesis, financial services firms use its services to automate spreadsheet processes, replace legacy technology and to build new applications. It offers 25+ composable building blocks, which means development teams can reuse components.
The three big names backing Genesis are all customers. Other notable clients include BMO, ING, London Clearinghouse, Alliance Bernstein and B3.
David Trepanier, Head of Structured Products, Global Credit and Special Situations at Bank of America, says: “The low-code solution provided by Genesis accelerates the development process and allow us to more quickly build out and launch new trading protocols and processes.”
In 2021, Genesis tripled its revenue and the size of its team. It has 248 employees listed on LinkedIn.
The fintech firm has offices in London, Leeds, Dublin, Miami, New York, Charlotte (North Carolina), São Paulo and Bengaluru.
Suvera Goes Upstream
London-based Suvera’s LinkedIn page offers an interesting quote from Desmond Tutu: “There comes a point where we need to stop just pulling people out of the river. We need to go upstream and find out why they’re falling in.”
The upstream-focused startup was founded in 2019 and offers a remote clinic that works with practices to help look after patients with long-term conditions. Its in-house technology can integrate with practice systems and electronic health records. Suvera has signed with over 40 GP practices, supporting over 20,000 patients to date.
Suvera says the investment will be used to invest in its people and technology. It has 33 employees listed on LinkedIn.
In addition to this funding, it recently appointed Professor Bryan Williams, Chair of Medicine at University College London (UCL) and the President of the International Hypertension society, as a Chief Medical Advisor.
To date the startup has raised over £7 million in funding – and has been supported by Google for Startups through its Black Founders Fund 2021, Calm/Storm Ventures, Ascension Ventures and various angels.
iLoF the Cure
iLoF has offices in Oxford, London and Porto. The Anglo-Portuguese firm offers an AI platform designed to collect data to build a library of biological profiles. Different patient profiles can be selected and screened using its platform to speed up the development of treatments.
The new funding round comprised $4.1 million in equity investment led by Faber. The healthtech also secured a $900,000 grant from the European Regional Development Fund. The company has raised over $8 million (£6.5 million) in funding to date.
Luis Valente, Co-Founder and CEO of iLoF, explains: “For hundreds of years, treatments have been developed with the assumption they will work for everyone. However, each person is different, and for many severe diseases such as Alzheimer’s, multiple factors can contribute to the effectiveness of a treatment on a given patient.”
This seed funding will be used for fast-tracking current and future pilots. Before 2023 iLoF will be hiring 20 people internationally across physics, data science, biology and product management profiles.
Humanloop Shows Understanding
Humanloop’s HQ is in London, and the tech firm uses research in machine learning and natural language processing to help companies integrate AI algorithms that understand language.
According to Index Ventures, Humanloop’s new product, Programmatic, largely automates the labelling of large data sets.
Humanloop provides ‘probabilistic deep learning’, where algorithms are born with the ability to know what they don’t know. Instead of using data “indiscriminately” to create a model, Humanloop reckons its software can sift out noise and redundancy in data sets, identifying data points and asking humans for help with ‘edge cases’.
Founded in 2020 by a team of computer scientists from UCL and Cambridge, and alumni of Google and Amazon, Humanloop is all about reducing the amount of time it takes to get an algorithm up and running.
Use cases include building a picture of a national real estate market from unstructured data on the internet; reading through electronic health records to identify people who could be candidates to try new therapies; capturing legal data at the end of commercial deals; moderating comments on Facebook groups; and generating draft responses to incoming customer service inquiries. (Writing news reports wasn’t mentioned.)