L7 Informatics Raises $38 Million Growth Investment to Digitalize Precision Healthcare
AUSTIN, Texas, June 7, 2022 /PRNewswire/ -- L7 Informatics, a leader in software for life sciences that delivers a flexible end-to-end platform for precision healthcare, today announced a $38 million investment led by Banneker Partners with participation from its pre-existing investors. Management will use the new funding to accelerate product development, expand L7|ESP’s global reach, and build on L7’s outstanding customer support.
President and CEO Dr. Vasu Rangadass stated, "The life sciences industry is plagued by point solutions and data silos, which slows innovation and commercialization of new treatments and next-generation diagnostics. There is a clear need for a unified operational platform to deliver intelligent solutions that leverage data from the instruments and equipment in the labs and clean rooms. Our unique end-to-end platform approach solves these pain points. L7|ESP accelerates innovation in the rapidly growing precision healthcare and life sciences markets. We are thankful to our customers, employees, and investors for sharing our vision and look forward to supporting them in creating breakthrough therapies and molecular diagnostics that will help diagnose, treat, and save lives worldwide."
Precision healthcare offers significant improvements in effectiveness for life-threatening diseases and degenerative conditions. Over the last decade, personalized healthcare has spread beyond oncology and now comprises almost half of all new drugs in development. The global precision medicine market size is predicted to triple in the next decade, from $66 billion in 2021 to $196 billion in 2030.
L7's Enterprise Science Platform (L7|ESP) is the only regulatory compliant platform designed to manage the unique complexities of precision healthcare across scientific research, diagnostics, therapeutics, and medicine. The platform has native applications including LIMS, ELN, MES, and inventory. It can integrate with existing third-party applications, lab instruments, and devices to capture all data in a single data model. It has a low-code/no-code workflow designer and hundreds of pre-built connectors to enable rapid time to value and end-to-end automation. By leveraging a single data model, L7|ESP enables advanced bioinformatics, AI, and ML to offer novel scientific and operational insights.
"The life sciences industry is struggling to be more agile and leverage data for drug development and manufacturing, and it's become increasingly clear that legacy point solutions are causing friction that has adversely impacted the pace of innovation in life sciences. L7's ESP platform solves these pain points by breaking down data and process silos. We believe it will have a transformative impact on precision medicine and the life sciences industry." said Matt McDonald, Partner at Banneker. Harjot Sachdeva, Partner at Banneker, added, "L7 is unquestionably positioned as a frontrunner in industry-level digital transformation, and we're thrilled to partner with Vasu and the L7 team to accelerate the growth of precision medicines and deliver better outcomes to patients around the world."
About L7 Informatics:
L7 Informatics reimagines data intelligence for modern life sciences and healthcare organizations, optimizing the flow of information between processes and people, unlocking innovation at every stage of the clinical, research, and manufacturing value chains. Our comprehensive operating environment and software stack bring flexible, secure, and collaborative data+intelligence to life sciences organizations. Our end-to-end transformation engine helps solve the challenges of today and realize the opportunities of tomorrow.
About Banneker Partners
Banneker Partners invests in growing enterprise software businesses to drive sustainable long-term value. Banneker takes a partnership approach to support founders and management teams to achieve their goals by implementing proven best practices and making additional investments across functional areas, including sales, marketing, product management, product development, professional services, and customer success, and we complement these growth initiatives with strategic acquisitions that are focused on enhancing customer value.