Genemod, a software solution for managing laboratory inventories utilized by prominent organizations such as the University of Washington School of Medicine, the University of California, Berkeley, and the National Institutes of Health, has secured $1.7 million in funding from a group of leading venture capital firms.

This initial seed funding round was led by Defy.vc, with further investment contributions from Omicron, Unpopular Ventures, Underdog Labs, and Canaan Partners.

The company plans to utilize these funds to create product management software that will integrate with and enhance its current inventory management services.

According to the company, this represents a significant advancement toward establishing a novel approach to pharmaceutical development centered around technology that facilitates collaborative data exchange.

Several other companies, including Owkin and Within3, have already attracted substantial investment to pursue similar goals in the development of collaborative software solutions for the pharmaceutical sector.

Genemod proposes that its software can enhance research efficiency by providing scientists with clear visibility into available resources and required materials, thereby speeding up experimentation and minimizing delays caused by supply shortages.

“Despite the life sciences sector’s reputation for innovation in addressing critical global health challenges, many researchers still rely on manual, isolated, and unproductive workflows,” stated Jacob Lee, the company’s CEO.

In addition to the financial investment, Defy.vc will act as a strategic growth partner for Genemod, assisting the company in implementing its product development plans for the remainder of the year. Neil Sequeira, co-founder and managing director at Defy.vc, will also be joining Genemod’s board of directors.

Established in 2018, Genemod was an inaugural participant in the Venture Out Startups program, a pre-seed investment initiative created to support and encourage entrepreneurial ventures.