California's GenapSys grabbed $37 million in new Series B financing to help advance development and commercialization of its next-generation genomic sequencing technology.
The Redwood City-based company is focused on producing a low-cost, easy-to-use genomic diagnostic system that gathers detailed data for research and testing of genetic diseases, cancer and microbes, GenapSys explains on its website. The GENIUS 110 system--Gene Electronic Nano-Integrated Ultra-Sensitive--is its main product, and GenapSys described the approach as a mashup of advanced fluidics and analytics that provides "sample-to-answer" results for both DNA and RNA sequencing.
The notion of bringing next-generation genomic sequencing into everyday use for medicine is gaining steam. In October, for example, investors committed $15 million in Series A financing to NextCODE Health in Massachusetts, a startup devoted to using gene sequencing technology from the old deCODE genetics to help doctors and geneticists quickly diagnose patients by rapidly identifying genes and mutations behind their diseases. Enzymatics in Beverly, MA, snatched up Colorado-based startup ArcherDx in a deal worth up to $50 million to gain access to next-generation genomics diagnostic technology.
Speaking broadly, GenapSys' founder and CEO Hesaam Esfandyarpour said in a statement that his company aims to use its technology to advance healthcare and more, after a decade of development.
"I believe now is the decade of genomics," Esfandyarpour said. "What we are developing at GenapSys will enable the genomic revolution not only for healthcare but for a wide range of applications."
GenapSys' Series B drew existing investors Decheng Capital and IPV Capital, plus new investors including Yuri Milner, Stanford StartX Fund, and a number of private and institutional investors.
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