NEW YORK (GenomeWeb News) – DNA sequencing technology firm Nabsys today announced the closing of its Series C round, raising $10 million.
The money will be used to support continued development and commercialization of its single-molecule sequencing technology that combines electronic solid-state systems with chemistry and algorithms, the Providence, RI-based firm said. Nabsys said its systems are being developed for a broad range of applications including structural variation analysis, sequencing of targeted genes, and whole-genome sequencing.
Existing investor Stata Venture Partners led the round, which brings the total amount raised by Nabsys since April 2009 to more than $21 million. The company raised $7 million in February 2010 and $4 million in 2009.
Nabsys said that its sequencing technology will "achieve unprecedented levels of accuracy, speed, and cost … [and] reveal long-range DNA sequence information not accessible with current sequencing technologies."