Longenesis, a Riga-based firm, has raised €1 million in a late seed round led by Rustam Gilfanov. Ilya Suharenko, a private investor and one of LongeVC’s Managing Partners, also participated in the round, providing 17 years of experience in traditional banking. Insilico Medicine and other top-tier biotech companies co-founded the firm.
It was founded in 2017 with the goal of enabling global biomedical research. What is its primary goal? To assist in identifying and unlocking the hidden value of biological data in order to speed the discovery of novel drugs and treatments and provide better assistance to people in need.
Medical data is sensitive and private, posing challenges for researchers who require huge, thorough datasets. It will help to cut recruitment costs and accelerate biomedical research by introducing digitalization and consent-enabled exhibiting of biomedical assets. It will be able to expand in its main markets and scale the deployment of its three core products: Curator, Themis, and Engage, using the money raised in this late seed phase.
Medtronic, a €140 billion ($167 billion) medical device company, recently established a cooperation with the corporation. The Medtronic-Longenesis collaboration, which also includes diabetic patient organizations, will serve as a testbed for incorporating digital patient interaction into research and advocacy efforts.
President of the Latvian Diabetes Federation, Indra Stelmane’s Verdicts
“Advocacy is an important component of the patient organization’s mission, but it has also been a big challenge up until now. We need to involve patients in a continuous discussion to ensure that their needs and wants are taken seriously and that their best interests are prioritized. Many things obstruct this process, including their different capacities and the skepticism that comes with any chronic illness. As a result, we’re thrilled to be working with Longenesis.
We feel that their patient engagement and data curation solutions will provide us with essential access to diabetes patients as well as research partners who may be able to assist them. The current study, we hope, is just the beginning,” said Indra Stelmane, Ph.D., endocrinologist, and president of the Latvian Diabetes Federation.
LongeVC is a driving force behind Longenesis. It is a service and investment fund that focuses on industrial development, fundraising, and startup development for biotech firms. LongeVC’s major focus is on finding startups in cutting-edge technology areas of the longevity market.
“Compliant access to clinical data and patient cohorts will remain the basic success criterion for any biotech or longevity-focused venture,” said Garri Zmudze, Managing Partner. In the next few years, we believe Longenesis has everything it takes to become a backbone of compliant biomedical data utilisation.”
How will the fund be used?
“Biotechnology is advancing rapidly today, moving towards digitalizing and formerly entirely human-dependent and unduly manual processes,” said Rustam Gilfanov, a business angel and a venture partner of the LongeVC investment firm, who led the financing round. Recent AI-driven drug discovery achievements are a terrific example of this, and there will be many more in the future.
For such breakthroughs to be repeatable and scalable, they require digitalization, transparency, and compliance in biological data asset access. The fund aims to help such businesses grow. This is the way things will be in the future.”
Its team has worked with biomedical organizations throughout the world to unlock the potential for expediting the R&D process, including projects at the national level in the Middle East, the United States, the European Union, and Asia-Pacific. It also just won the grand prize of $10,000 at the TechChill 2021 startup competition.