Medical Software Company PhenoTips Plans to Expand After Raising $2.5M

Toronto-based startup PhenoTips has secured $2.5 million in its first round of venture financing. The medical software company provides secure storage of genetic data under one unified and organized platform. It streamlines the collection of patient symptoms and family history into machine-readable formats, powering artificial intelligence to suggest conditions, analyze genomes, and offer helpful insights. 

According to BetaKit, PhenoTips currently serves over 200,000 patients, hospitals, healthcare providers, and researchers across Canada, the United States, the United Kingdom, and Europe. By standardizing the storage of genetic data, PhenoTips has enabled clinicians to more effectively diagnose patients, and has allowed genetic researchers to further advance their studies.

With its new capital, PhenoTips plans to continue growing its customer base throughout these regions, while also expanding into “genetics-adjacent” departments such as cardiology, oncology, and neurology within its existing client base. As CEO Orion Buske explains, “This is about us basically laying the foundations for scaling up our technology, and scaling up our offering, and expanding that offering in anticipation of this expansion of genetics into other specialties.”

In order to achieve these goals, PhenoTips also plans to use its seed funding to increase the size of its team by hiring individuals who can assist with technical and project management, as well as with sales.

Author: Samara Friszman, 2021/2022 Articling Student-at-law