SAN FRANCISCO, Dec. 3 – NuGen Technologies, a privately-held San Carlos, Calif., genetic analysis company, raised $10.8 million in Series B financing, the company announced Monday.
The investor group was led by Pequot Ventures, an investment arm of Pequot Capital Management, based in Westport, Conn. Additional investors included SoftBank LifeScience Ventures, Radius Venture Partners, MedCapital, Band of Angels Fund, and Tenex Medical Investors.
In November 2000, NuGen raised $2 million in Series A financing, led by Tenex Medical Investors, based in Burlingame, Calif.
NuGen, founded February 2000, has developed a nucleic acid amplification system utilizing its single primer isothermal amplification (SPIA) technology, according to the company.
“SPIA has broad applications spanning industries from life science research, to food safety, to environmental testing,” Jan D'Alvise, CEO of NuGen, said in a statement. “We will form strategic alliances to serve our principal market interests - life science research and diagnostics - and license to deliver SPIA to markets beyond this core focus.