10x Genomics has reeled in $50 million in series D cash. The round moves 10x’s VC haul up past the $180 million mark, setting it up to introduce a range of add-ons to its long-read sequencing and single cell analysis technology in the coming months.
Pleasanton, California-based 10x first made waves early in 2015, when it exited stealth with a $55 million series B and technology for constructing long DNA sequences from the output of Illumina’s dominant short-read machines. A deal with Illumina and another $55 million financing followed, putting 10x on a path that led to 150% year-on-year sales growth.
Now, 10x has raised more money. Meritech Capital Partners led the round with the support of new investor Wells Fargo Strategic Capital and the backers that got 10x to this point, including Paladin Capital, Fidelity and SoftBank. 10x also opened up a $75 million credit facility with Silicon Valley Bank, giving it another pot of cash to dip into if needed.
The series D round will see 10x through a period in which it will introduce products that facilitate single cell DNA sequencing in oncology, single cell epigenomic analyses and other processes. These products leverage 10x’s core Chromium instrument.
While rolling out these products, 10x will also step up its global expansion through offices in China and the Netherlands. Another tranche of the cash is set aside for as-yet-undisclosed opportunities that are on 10x’s radar.
10x’s execution of the opportunities targeted to date has impressed investors.
“We invest exclusively in late stage companies with big potential. 10x has had a remarkable record of brilliant execution in the service of an ambitious vision. It is rare to see a company with this much existing success as well as massive potential to impact the world in a positive way,“ Craig Sherman, managing director of Meritech Capital, said in a statement.