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CIBC Innovation Banking Provides InformedDNA With $10MM Growth Financing

March 02, 2020, 09:00 AM
Filed Under: Healthcare

CIBC Innovation Banking announced a $10 million growth capital financing for InformedDNA.

Founded in 2005, InformedDNA was built with the vision to provide genetic testing services to patients and health insurers. The company optimizes genetic-related healthcare spending and patient care by improving access to clinical and scientific genomics expertise. It is the nation’s largest independent provider of genetic specialists enabled by a comprehensive evidence-based knowledge library for genetic tests and hereditary conditions.

InformedDNA recently announced a strategic growth investment with private equity funds TT Capital Partners, NovaQuest Capital Management, and Frist Cressey Ventures. The company will use the capital to continue scaling its technology and expand its staff of genetic counselors.

"InformedDNA has a deep understanding of the genetic testing space and uses this knowledge to help both patients and insurance companies improve outcomes," said Jeff Chapman, a Managing Director in CIBC Innovation Banking’s Menlo Park office.

"CIBC Innovation Banking understands the capital needs of our business and is willing to provide a flexible debt solution so we can continue to execute on our business strategy," added David Nixon, CEO of InformedDNA.

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