PacBio raises $68M for sequencing tech

Pacific Biosciences is on a roll. The 2009 Fierce 15 winner, which is developing genetic sequencing tech, has raised $68 million in financing with the help of several new investors. These include agricultural biotech company Monsanto, the Wellcome Trust, Sutter Hill Ventures and other institutional investors.

PacBio is developing technology that could revolutionize the genetic sequencing business. While current companies take eight to 10 days to sequence a genome, PacBio's said that within two years, its SMRT DNA sequencing platform will be able to do it in five to 30 minutes. That kind of speed would completely change biomedical research and help scientists realize the potential of personalized medicine. Added to the significant funding the company previously secured, PacBio has raised an impressive $188 million in just over a year.

"The fact that we have been able to raise a total of $188 million since last summer, during a very difficult economic market, is further validation of our business and the promise of our disruptive technology platform," said Hugh Martin, CEO of Pacific Biosciences. "We are delighted a global leader in agricultural biotech and premier trust for healthcare are joining our growing list of supporters by making strategic investments in our company."

- here's PacBio's release

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