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Nabsys Raises $21M in Round Led by Hitachi High-Technologies

NEW YORK – Electronic genome mapping company Nabsys said today that it has raised $21 million in an equity financing round that was led by Hitachi High-Technologies.

Other investors in the round were not disclosed.

The Providence, Rhode Island-based company plans to use the funding to finish developing and commercially launch its HD-Mapping whole-genome electronic mapping platform.

The platform will have applications in research, including de novo genome assembly, structural variant analysis, metagenomics, and microbial strain identification, as well as in cytogenetics.

"This investment round will help Nabsys fulfill its mission to make the analysis of large- and intermediate-scale genomic variation as routine, accurate, and cost effective as the analysis of single-nucleotide variation," said Nabsys Founder and CEO Barrett Bready in a statement.

Tsuyoshi Ogino, general manager of the Innovation Division at Hitachi High-Technologies, said in a statement that there is a strong need for accurate, robust, and scalable genome structural analysis and that the Nabsys HD-Mapping platform "effectively supports this need."

"The company is also a strong fit with our strategy for continued advanced R&D with strategic investments in life sciences," he said.

Last year, Hitachi High-Technologies participated in the Series B funding round of cancer molecular profiling firm OmniSeq, a subsidiary of the Roswell Park Comprehensive Cancer Center.

Nabsys had previously planned to launch its electronic genome mapping platform in 2018, following early-access collaborations, including with a group at the US Centers for Disease Control and Prevention, but hasn't commercialized it yet.

The Brown University spinout underwent a financial restructuring in 2016 after briefly closing its doors. Between 2009 and 2013, Nabsys had raised $41 million in private equity.