US diagnostics big Qiagen has introduced that it has signed a definitive settlement to amass Israeli AI software program firm Genoox for $80 million, together with a right away fee of $70 million and an additional $10 million in milestone funds. Genoox, which has 55 staff, will turn out to be Qiagen’s Israel improvement middle and can develop by hiring extra improvement and software program workers.
Genoox was based in 2014 by CEO Amir Trabelsi and principal engineer Moshe Einhorn and had been joined by CTO Yuval Porat and COO Oron Lev. The com[any has raised $26 million from Glilot Capital, ArtofIn, The Group Ventures, Inimiti, Triventures, Upwest Lab, and IN Ventures.
Another investor has been R&D partnership Imed Infinity Medical (TASE: IMED), which in March had a 5.4% stake in Genoox, after investing $1.9 million. Thus it will record handsome returns. Imed has a market cap of NIS 8.6 million.
Genoox provides AI-based software that supports decision-making in the world of genetics. Trabelsi says, “Genox was founded to improve the efficiency of decoding genetic testing. There is a lot of data in our genes. Some of it doesn’t matter at all, and some of it can increase the risk of disease or affect the effectiveness of different drugs for different people. The cheapness of genome sequencing, which can now be done for $100, encourages us to search for information in the genome in different situations.
He adds, “Genoox has developed an AI engine, which was initially based on open sources, searched for the medical significance of each change in the genome, and like a Google search, ranked the findings in order of possible importance. For example, if a child comes to the doctor with a developmental problem of unknown origin, we mark, say, two mutations that the doctor should look at to try to understand if they are the ones causing the problem. Ultimately, the decision is always the doctor’s, and we are a decision support system.”
The company’s uniqueness lies in its business model, which allows free use of the system for doctors and genetic counselors, who upload their patients’ sequences to it and receive the interpretation, while some capabilities of the system are provided for a fee.
Trabelsi explains, “This way we get a lot of data, and on the other hand we reduce our marketing costs to zero levels. Instead of sending sales teams to doctors to sell them the service, they come to the free version through friend-referral methods. Due to this business model, we have gone from 30 patients to 50,000, and we will soon cross the million-patient mark in the database.”
Trabelsi adds: “I hate to use the worn-out cliché that we are the ‘Waze of genomics’, but what can we do, that is what we really are.”
Published by Globes, Israel business news – en.globes.co.il – on May 13, 2025.
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