Precision NanoSystems raises $13.4M Series A for diagnostic, therapeutic nanotech platform

NanoAssemblr Benchtop--Courtesy of Precision NanoSystems

How will Google Life Sciences create its highly anticipated nanotech diagnostic hordes? Precision NanoSystems might know. It's nabbed a $13.4 million Series A round to back its NanoAssemblr platform that can be used to create next-gen nanoparticle therapeutic and diagnostic agents targeted to the cellular level.

The startup said it's already sold more than 60 of its NanoAssemblr Benchtop instruments to major biopharmaceutical companies, as well as academic institutions. The tool and its accompanying consumables are designed to enable the rapid prototyping of novel nanoparticles. Precision NanoSystems will use the financing to expand its product development, increase manufacturing capacity and accelerate commercialization of its instruments and reagents.

Precision NanoSystems' technology is in beta testing at several, undisclosed locations. It's intended to enable the development of a wide variety of lipid and polymer nanoparticles for genetic medicines including those based on DNA, siRNA, mRNA, miRNA and CRISPR, as well as small molecules and proteins.

"The team, together with the financial support provided by this investment, will allow Precision NanoSystems to accelerate the commercialization of our full suite of instruments, reagents and scale-up technology," said Precision NanoSystems co-founder and CEO James Taylor in a statement. "The NanoAssemblr technology will provide our customers an expanded platform to develop the next generation of nanomedicines, significantly impacting the development of novel treatments for many diseases."

Taylor, who has a PhD in genetics from the Institute for Systems Biology in Seattle, WA, came out of Seattle-based VC Accelerator. Precision NanoSystems was founded in 2010.

5AM Ventures and Telegraph Hill Partners led the round with participation from the Rising Tide Fund as well as undisclosed, individual investors. As part of the financing, 5AM's Andy Schwab and Telegraph's Deval Lashkari are joining the Precision NanoSystems board. Andrew Booth, CFO StemCell Technologies, and Joe Victor, CEO of Startide Sciences, are also joining the startup's board.

- here is the announcement