NEW YORK (GenomeWeb News) – Gene Security Networks today said it has closed on a $12 million Series C round of financing, which it will use to bring its gene testing technology to new markets.
Sequoia Capital led the round, which included Claremont Creek Ventures, Founders Fund, and Lightspeed Venture Partners.
The company, based in Redwood City, Calif., uses data informatics to "enhance genetic testing of DNA," Gene Security said in a statement. Using its Parental Support tests to diagnose the genetic state of a single cell from an embryo, the firm has established a leadership position in the in vitro fertilization market, it added.
In a statement, Matthew Rabinowitz, president and CEO of Gene Security, said, "The new investment will accelerate the application of our Parental Support technology beyond the fertility market into areas such as prenatal diagnostics, which crucially needs tests with enhanced accuracy and coverage."
Of the 4 million births annually in the US, more than 1 percent results from in vitro fertilization, the company said, and 3 to 5 percent of all children born in the US have birth defects or some form of genetic illness.
Gene Security is "now in a strong position to expand and deliver revolutionary tools to the broader reproductive industry," said Roelof Botha, a partner in Sequoia Capital.