NABsys, a Providence, R.I.-based developer of solid-state DNA sequencing solutions, has raised $7 million in Series B funding. Stata Venture Partners led the round, and was joined by return backer Point Judith Capital. NABsys previously raised $4 million.
NABsys Inc., the pioneer in electronic, solid-state DNA sequencing, today announced that it has received a $7 million investment as part of a Series B equity round led by Stata Venture Partners. The funding will be used to accelerate the development and commercialization of the company’s proprietary DNA sequencing
platform, which leverages semiconductor technology to achieve the scope and scale required for full integration of genomics into medicine.
In addition, Ray Stata, founder of Stata Venture Partners, and founder and chairman of Analog Devices Inc. (NYSE: ADI), has joined the NABsys board of directors. Over the past 45 years, Mr. Stata has turned ADI into a global leader in high-performance semiconductors for signal-processing applications and a Fortune 500 company. Stata Venture Partners has contributed to the success of many technology startups.
“The NABsys DNA sequencing technology utilizes established semiconductor fabrication techniques, allowing for the rapid development of sequencing platforms at a scale and speed never before possible,” said Barrett Bready, M.D., president and CEO of NABsys Inc.
“Ray Stata is one of the true pioneers of the semiconductor industry and his expertise, influence and leadership will be invaluable as we continue to move forward with our commercialization strategy.”
“NABsys represents the merger of two industries which, until now, have been quite disparate: semiconductors and genomics,” said Mr. Stata. “I’m looking forward to working with the company’s leadership team and helping them commercialize what we believe will be a significant breakthrough in making DNA sequencing clinically relevant and widely available.”
In 2009, NABsys closed a $4 million equity round and expanded its board of directors with the appointments of proven life sciences industry veterans, including Stan Rose, Ph.D., president of Rose Ventures Inc., and Gina Raimondo, Ph.D., general partner at Point Judith Capital. Point Judith Capital led the Series A round and participated in the Series B round of funding. For more information on the NABsys leadership team, please visit: http://www.nabsys.com/index-3.html.
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. 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. For more information about NABsys, please visit: www.nabsys.com.
NOTE: NABsys and the NABsys logo are registered trademarks owned or used by NABsys Inc.###