This article has been updated from a previous version to clarify the fact that the current financing is part of the same round that the company raised in April.
NEW YORK (GenomeWeb News) — GenVault said today it has received $1.5 million in venture capital financing to help it develop and market its DNA-preservation technology.
GenVault’s platform is used to extract, preserve, recover, and distribute DNA at room temperature. The company also said it expects future storage systems to accommodate proteins and RNA.
The financing is part of an $18 million round GenVault raised in April from Domain Associates and QuestMark Partners, bringing the total funding raised in the round to $19.5 million.
The additional financing is from Cross Creek Capital, a private equity affiliate of Wasatch Advisors.
Karey Barker, Cross Creek’s managing director, said GenVault “presented investors with an unusual and timely opportunity to participate at the nexus of several new, diverse industries that rely on careful management and archiving of gene-related materials.”