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NEW YORK – said Monday that it has received a $20 million financial commitment from investment firm GEM Digital.

The London-headquartered supplier of secure, blockchain-based DNA data storage and sharing services said that it will use the investment to accelerate technology development. serves both the institutional and direct-to-consumer markets.

GEM, which stands for Global Emerging Markets, is a Bahamas-based investment firm specializing in digital assets.

"Their backing will help us further realize our vision to democratize the genomics market by making it profoundly more equitable and transparent through the use of our decentralized technology," Cofounder and CEO Aldo de Pape said in a statement.