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GenomeQuest Raises $4M in Venture Funding

NEW YORK (GenomeWeb News) - GenomeQuest has received $4 million in venture capital funding from new and existing investors, the company said today.
 
The genomic information search company said it plans to use the Series B cash infusion to expand its organization to support sales of the GenomeQuest software and to introduce new product features.
 
This round of funding was led by Mosaix Ventures. Previous investors Cross Atlantic Partners, Milestone Venture Partners, and Societe Generale Asset Management Alternative Investments also participated.
 
The company, formerly known as Gene-IT, received $4.1 million in Series A funding in November 2005
 
GenomeQuest CEO and president Ronald Ranauro said in a statement that the company expects the market for its software to grow as the cost of genomic sequencing drops, and that this round of financing will help the company prepare for that anticipated growth.

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