FORTUNE --FirstMark Capital is known for investing in consumer-facing software companies like Pinterest, Riot Games, and Aereo, as well as enterprise deals. But since Matt Turck, a former investor with Bloomberg Ventures, joined the firm one year ago, he's been looking at deals that are more out-there, related to big data and the Internet of Things. Take, for example, his latest investment: Recombine, a bioinformatics company. <\/p>\n
Alongside new early-stage firm Vast Ventures, FirstMark has invested $3.3 million in the New York-based startup. Angel investors who participated in the round include Vivek Garipalli, formerly of Blackstone Group (BX), as well as Alexander Saint-Amand, President and CEO of Gerson Lehrman Group, and Zach Weinberg and Nat Turner, who co-founded health care startup Flatiron Health. <\/p>\n
Currently, Recombine provides clinical genetic testing services which are faster and cheaper than those offered by LabCo Diagnostic Network and Quest Diagnostics (DGX), the incumbent providers. Those companies' technology, much of which was created in the 1970s, requires a separate test (and separate blood samples) to test for each individual disease, and it costs up to $1,000 for each test. Recombine tests for 213 genetic disorders at once, costing $500 before insurance. <\/p>\n
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Recombine CEO Alexander Bisignano says the incumbent services use older technology and aren't incentivized to upgrade because they have exclusive contracts with insurance companies. \"It is sort of a monopoly,\" he says. Recombine's services are in use at 60 different medical practices. <\/p>\n
But disrupting the medical lab industry is not Recombine's ultimate goal. The company has its sights on something it believes is much more lucrative: big data for genetics. That's where Recombine fits into FirstMark's investment thesis. More than a biotech company, it's a big data company, Turck argues. From his blog post Tuesday: <\/p>\n
Recombine has ambitious plans to fully leverage Big Data technology to help decode the myriad aspects of our genome that are still not well understood. <\/p>\n
Naturally, Bisignano agrees. \"Genetics is entering a future where it is nothing but a data science,\" he says. <\/p>\n
By processing all of the data from its tests, Recombine can glean insights about genes and diseases. The data is anonymous, and Recombine has already obtained Institutional Review Board (IRB) approval to conduct its first large-scale study. \"We're getting really high-quality medical data that allows us to be more confident that the signal is outweighing the noise in our results,\" Bisignano says. <\/p>\n
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See more here: <\/p>\n
Genetic testing company Recombine raises $3.3 million<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" FORTUNE --FirstMark Capital is known for investing in consumer-facing software companies like Pinterest, Riot Games, and Aereo, as well as enterprise deals. But since Matt Turck, a former investor with Bloomberg Ventures, joined the firm one year ago, he's been looking at deals that are more out-there, related to big data and the Internet of Things Continue reading