NEW YORK — Electronic genome mapping company Nabsys said on Wednesday that it has raised up to $38 million in equity financing from existing investor and strategic partner Hitachi High-Tech.
The company said it will initially receive $25 million and can get an additional $13 million upon the completion of certain undisclosed milestones.
Nabsys said it will use the funds to complete the development and commercialization of a second-generation version of its High-Definition Mapping whole-genome electronic mapping platform. The Providence, Rhode Island-based company also plans to add employees in R&D, manufacturing, and global commercial operations.
"Our first-generation HDM instruments have been in customers' hands for over a year now and have been very well received," Nabsys Founder and CEO Barrett Bready said in a statement. "We are excited to capitalize on the highly scalable nature of our high-speed, single-molecule, electronic detection to increase throughput and expand the application space."
In late 2019, Nabsys raised $21 million in an equity financing round led by Tokyo-based Hitachi High-Tech.