NABsys Closes $10M in Series C

NABsys Inc., a developer of solid-state electronic systems for single-molecule DNA sequencing and analysis, has closed a $10 million Series C round. Stata Venture Partners led the round, bringing the total raised by the company to $21 million. NABsys is based in Providence, R.I.

PRESS RELEASE
NABsys, Inc., developers of solid-state electronic systems for single-molecule DNA sequencing and analysis, has closed a $10 million venture capital round. This recent Series C Preferred Stock financing was led by Stata Venture Partners and brings the total of funds raised since April 2009 to over $21 million. This new financing will be used to support continued technology development and commercialization.

NABsys’ vision is to power DNA sequencing and analysis by using solid-state systems coupled with innovations in chemistry and algorithms to achieve unprecedented levels of accuracy, speed and cost. Moreover, they will reveal long-range DNA sequence information not accessible with current sequencing technologies. These solid-state systems are being designed to address a broad range of applications, from analysis of DNA structural variation, to sequencing of targeted genes, to whole-genome sequencing. The levels of performance being targeted will dramatically impact biological research in many fields, and for the first time provide the information content, accuracy, throughput and cost required for clinical applications of whole-genome sequencing.

“Continuing support from our investors has made it possible for us to build an exemplary team as we work toward our goal of developing a semiconductor-based system for single-molecule DNA sequencing and analysis,” commented Dr. Barrett Bready, CEO. “This system is designed to provide information not attainable from other DNA sequencing platforms, enabling an array of new research and clinical applications.”

About NABsys
NABsys is a life sciences company working at the intersection of physics, biology and computer science to develop its proprietary electronic solid-state DNA sequencing platform. Designed to offer scientists orders of magnitude improvements in accuracy, speed, cost and scalability of genome sequencing, the same platform enables other forms of DNA analysis, such as targeted gene sequencing and characterization of genome structural variation. NABsys was the first company to receive a “$1000 Genome” award from the National Human Genome Research Institute of the National Institutes of Health for an electronic approach to sequencing.

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