NEW YORK (GenomeWeb News) – OpGen has completed an agreement with new and existing investors to provide the firm with up to $17 million in a Series C financing.
The Gaithersburg, Md.-based firm said that the proceeds will be used to accelerate commercialization of its Argus Whole Genome Mapping System and Genome-Builder tool suite for large genome sequencing assembly and data analysis. OpGen also has plans to introduce a new application for whole human chromosome mapping that can be combined with next-generation sequencing techniques to improve the accuracy of human genome sequencing.
According to a filing with the US Securities and Exchange Commission last month, OpGen had raised $3.5 million, which a spokesman confirmed was part of the Series C round.
New investors in the round included Harris & Harris Group and Cross Creek Capital, an affiliate of Wasatch Advisors, as well as previous investors Highland Capital Partners, Versant Ventures, jVen Capital, and CHL Medical Partners.
In a separate statement, Harris & Harris disclosed that its investment in the round was $815,000. It also noted that its Managing Director, Misti Ushio, will join OpGen's board of directors.
"For the past several years, Harris & Harris Group has been looking for the next transformative technology that goes beyond high-throughput sequencing," Ushio said in a statement. "We are excited to have the opportunity to invest in OpGen, which has launched its Whole Genome Mapping system enabling rapid analysis of structural variation."