geneticXchange Growth Accelerates with Experienced Management Team: IT Business Model - Embedded Data Integration Middleware - Finds Rapid Acceptance By Biotechs Building Discovery Software Platforms.
Company Strategy, Private Placement
March 30, 2001
Menlo Park, CA -- November 14, 2001 -- geneticXchange, maker of the K1 System Data Integration Middleware Platform, has concluded its third quarter by closing Series B
funding, hiring a very experienced software product company team and demonstrating strong validation of its business model.
The company's core business is selling a ready-to-use Data Integration Middleware Platform directly to Biotech vendors who otherwise burn cycles and cash by writing their own-hand coded, limited solutions.
CEO Brian Donnelly says "We are finding, in 99% of sales meetings, that Biotechs are laboriously hand-crafting data access solutions to Genbank, Swissprot, and the like. When we demonstrate our immediate plug-in middleware solution that takes this pain away, the response is tremendous."
Adds President Jeff Edwards, "Once informatics pros realize that we are not remotely competing with Lion SRS, Discovery Link , or the other companies that offer domain-specific, highly targeted integration, and that, in fact, we complement these solutions, the response is phenomenal - I've never seen anything like it in the 20 years I've been in IT."
This senior management pair met five years ago when Edwards, then VP and General Manager of Hitachi Data Systems, invested $5 million in Donnelly's data integration middleware company, Constellar, which served the mainstream IT world alongside companies like Vitria and Tibco.
"When Brian asked me to run geneticXchange with him a few months ago, I saw immediately that the life science marketplace has no data integration middleware companies at all. I saw the explosive demand for our solution and business model," says Edwards.
Since the company's funding, progress has moved at breakneck speed. The pair have hired 20 experienced product development, management, sales and marketing veterans, opened offices in Europe and Australia-Pacific and received an overwhelming response from IT vendors including Sun, IBM
and Oracle. These vendors are seeing that this geneticXchange team speaks their language and accelerates their market penetration.
CTO Mark Haselup adds, "the K1 software was created by our founder, the leading Bioinformatician of Singapore, Prof. Limsoon Wong, 8 years ago while at the University of Pennsylvania. It's remarkable to watch K1's ability to perform ad hoc in-situ queries against more than 50 life science data sources using a simple high level SQL interface. And because all of the 'smarts' are built into the K1 kernel
, it's quite easy for us and our customers to write new wrappers targeted at new data sources."
Early partners include the prestigious Singapore Genome Project under director Dr. Edison Liu as well as the influential U.K.-based Life Science Grid Project under Prof. Carole Goble. Successful biotech customers include Signature BioSciences, Genomics Collaborative and Agilix. A number of major evaluations currently underway.
Neeta Godhwani, new Director of Product Management, a Biomedical Engineer and herself a veteran of the software infrastructure world concludes, "I have never seen software as powerful as K1 coming from academe and just screaming to be commercialized. With no competitor and the barriers to entry so extraordinarily high, K1 will become the dominant software infrastructure in life science discovery."
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geneticXchange produces the fully embeddable and scalable K1 System Data Integration Middleware Platform. K1 lets biotech developers acquire and integrate data from dissimilar sources located around the world without wasting time on laborious hand coding. Because the data sources are so complex, they exist in a wide variety of structures and formats, created to serve the particular needs of an area of research; for instance, genomics, proteomics, pharmacogenomics, even clinical trials. The existing vertical solutions are effective for distinct areas of specialization. But the K1 System middleware, created from scratch to handle the level of complexity inherent in the life sciences, provides integration across these areas of specialization. Therefore, geneticXchange sells to and is targeting every biotech company that must integrate and resell complex life science data. Biotechs can realize a faster time-to-market for their products, then offer shorter drug discovery timelines to their customers. The K1 System delivers the closest approach yet to true in silico discovery.
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