NEW YORK (GenomeWeb News) – GenVault has closed a $13 million round of financing with venture capital investors, the Carlsbad, Calif.-based firm said today.
GenVault said that it would use the funds to accelerate commercialization of its technologies for room temperature biosample preservation, storage and distribution for biobanking, translational medicine, and applied testing applications.
The round of financing was led by Montagu Newhall Associates, with additional investments coming from existing investors Domain Associates, QuestMark Partners, and Cross Creek Capital. C. Ashton Newhall, a partner with Montagu Newhall, will join GenVault’s board of directors, the firm said.
GenVault said that its dry state platform “enables the extraction, preservation, recovery, and distribution of DNA at room temperature.” The firm also plans to develop systems for protein and RNA sample management.