VCs shell out $39M for Complete Genomics

Proving once again how attractive DNA sequencing has become to investors, Mountain View, CA-based Complete Genomics reports that it has raised $39 million in a new venture round--its fifth. New investor Sands Capital led this round of financing and was joined by existing investors Essex Woodlands, OVP Venture Partners, Prospect Venture Partners, OrbiMed Advisors, Highland Capital Management and Enterprise Partners.

"We continue to make strong business progress," boasted Complete Genomics CEO Cliff Reid in a statement. "In July, we delivered sequencing data for more than 100 genomes to our customers." And Reid essentially shrugged off a patent-infringement lawsuit filed by Illumina, one of its most aggressive competitors. "We cannot guarantee any particular outcome, as with any litigation, but we believe that we have substantial and meritorious defenses to the claims and intend to vigorously defend against this lawsuit," Reid noted.

Complete Genomics is one of a lineup of companies racing to offer sequencing services for $1,000. By last May the company had hit the $4,000 mark and earlier this month the company filed for an $86 million IPO.

- check out the Complete Genomics release