DNA sequencing platform developer Omniome has raised $60 million to double its total venture capital financing.
The San Diego-based company’s series C round was led by Madrone Capital Partners, with Omniome’s current backers including ARCH Venture Partners, Decheng Capital, Domain Associates, Biomatics Capital Partners, Altitude Life Sciences Ventures, Nan Fung Life Sciences and others.
Omniome previously raised $60 million in mid-2018. The latest proceeds will help fuel its late-stage product development efforts and plans for its commercial launch—including the hiring of new staff in manufacturing and customer support.
"Our product development efforts are advancing rapidly and shifting towards delivering our first beta prototype instruments," Omniome President and CEO Dave Mullarkey said in a statement. "We welcome Madrone and appreciate ongoing support from our current investors in executing on our plans."
Omniome’s sequencing technology focuses on tracking a binding event itself to identify nucleotides and DNA sequences. The company plans to apply its approach in clinical cancer diagnostics and single-cell applications.
“Omniome has made incredible progress over the past couple years maturing from an early product concept company to a late-stage product development company," said Ken Song, Omniome's executive chairman. "The goal and vision have always been to develop a disruptive sequencing technology taking into account accuracy, speed, throughput, and cost."