Irish life sciences start-up Genomics Medicine Ireland is to create 150 new jobs in Ireland after raising $40 million (€36 million) in a funding round.

The company, which is working on treatments for Alzheimer’s and multiple sclerosis, said the investment will be used to establish a world-class genomic research and development programme in Dublin and to undertake comprehensive studies that will be used to improve understanding of the factors involved in disease.

Investors in the Series A funding round include the Ireland Strategic Investment Fund, ARCH Venture Partners, Polaris Partners and GV (formerly Google Ventures).

Genomics also said it expects to announce its first collaboration with an Irish hospital in the coming weeks and is “actively engaged” in talks with a number of clinical collaborators island-wide.

"We look forward to working closely with the Irish healthcare system to develop better diagnostics and new means to optimise health and patient outcomes," said Genomics acting chief executive Daniel Crowley.

“The size and characteristics of the Irish population can powerfully advance scientific discovery as researchers are able to pinpoint variations in DNA relevant to disease and useful for improving medicine,” he added.

Genomics Medicine Ireland is creating a scientific platform to examine the human genome in order to better understand the role of genetics in disease and rare conditions, and to lead to new prevention strategies and treatments.

The collection, management and analysis of genomic data is expected to help drive development of novel therapeutic drugs and diagnostics.