NEW YORK (GenomeWeb News) – Gene expression company Genometry has raised $3 million in a Series A equity round of funding.
Genometry President and CEO Justin Lamb said that the funds will go toward establishing its operations and running the business. According to the company's Form D filed with the US Securities and Exchange Commission, the round had 11 investors. Lamb declined to identify the investors in the round but said they comprise venture firms, private equity firms, and a corporate strategic investor.
On its website, Cambridge, Mass.-based Genometry calls itself a platform technology firm that was founded to commercialize a genome-wide, high-throughput, low-cost gene expression profiling method called L1000 for pharmaceutical applications. It exclusively licensed patents covering the technology from the Broad Institute, MIT, and the Dana-Farber Cancer Institute.
L1000, the firm said, produces high-dimensional, gene expression profiles "from crude cell lysates in [a] 384 well plate format at a rate of thousands a day and at only a fraction of the cost of conventional microarray-based methods."
The company offers data generation and primary analysis solutions, and in partnership with drug manufacturers is "pioneering" a digital open innovation platform, it added.