NEW YORK – Electronic whole-genome mapping company Nabsys said on Wednesday that it has received an additional $13 million from Hitachi High-Technologies for an expanded equity round. The additional funding brings Hitachi’s total investment to $38 million and was the result of a technical milestone related to its high-definition genome mapping platform, the company said.
With the milestone increasing the platform's throughput by more than 10 times, Nabsys said the company plans to offer the instrument through an early-access program in the first half of 2023.
"This milestone is a significant advancement to throughput for the high-definition mapping platform and enables complete mapping of whole human genomes at a commercially attractive price and turnaround time and superior resolution compared to current technologies," Nabsys Founder and CEO Barrett Bready said in a statement.
"Hitachi High-Tech's expanded investment into Nabsys further demonstrates our long-standing interest in providing a solution for the analysis of human genomic structural variation," Tsuyoshi Ogino, general manager of molecular research and diagnostic division at Hitachi High-Tech America, said in a statement. "We are excited to see this advancement in throughput and progress towards the commercialization of this valuable platform."
Providence, Rhode Island-based Nabsys previously unveiled plans to commercialize its electronic genome mapping platform in 2017 after resurfacing from a financial restructuring and management shakeup years ago. The company secured its equity financing in 2019 from Hitachi High-Tech.