NEW YORK, March 5 – With $150 million in capital commitments, Applied Genomic Technology Capital Funds has closed its first venture funds, the Cambridge, Mass., venture capital group said Monday.
AGTC Funds, which was founded by venture capital firms NewcoGen and OneLiberty Ventures, plans to finance early-stage genomics companies that focus on information, discoveries, and technology.
Affymetrix, Compaq, and Millennium Pharmaceuticals have all become limited partners in the funds. The funds also received institutional support from Hillman Company, OneLiberty Ventures, and Paine Webber Group.
"Publication of the complete human genome sequence intensifies a world-wide race to develop genomic applications," Noubar Afeyan, AGTC Funds managing partner, said in a statement. “In addition to the sequence data itself, many new technologies have emerged for harnessing genomic information. The combination of open source codes and genomic tools will enable new applications in many industries, including health care, agriculture, materials, nanotechnology, energy, environmental and computing."
AGTC Funds has already invested in four companies, AnVil Informatics, Genomics Collaborative, Hypnion, and Nanostream. AnVil, based in Lowell, Mass., is a bioinformatics company that offers data mining and visualization software for genomics research. Genomics Collaborative of Cambridge, Mass., has collected DNA and tissue samples for disease-gene association studies. Hypnion, based in Worcester, Mass., is a gene-based drug discovery that is developing new treatments for sleep disorders. Nanostream of Pasadena, Calif., is developing microfluidics devices for life sciences and diagnostics.
Afeyan comes to AGTC Funds after serving as founder and former CEO of PerSeptive Biosystems, which PE Biosystems acquired in 1997, and, subsequently, as the PE corporation executive who oversaw PE's successful spinoff of Celera.
AGTC’s other principals include Edwin Kania, a managing general partner at OneLiberty Ventures; Nancy Crowell, a former partner and managing director at Cowen & Company; David Stone, an analyst and consultant at Liberty Tree Advisors; and Leon Palandjian, a recent graduate of Harvard Medical School and former pharmaceuticals analyst.