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Bina Technologies Raises $6.25M in Series B Round

NEW YORK (GenomeWeb News) – Bioinformatics firm Bina Technologies said on Tuesday that it has raised $6.25 million in a Series B financing round.

Sierra Ventures led the round, and Bina said that in the coming months it will raise additional funds from a "strategic life sciences investor" to close out the round.

Proceeds from the $6.25 million raise will go toward expanding Bina's development, marketing, sales, and support infrastructure "to manage the growing market demand for scalable genomic analysis solutions and the company's product development initiatives this year," the Redwood City, Calif.-based company said.

Bina calls itself a "big data science platform," developing technologies to reduce the amount of time and money necessary to process raw genetic data for applications in personalized medicine. In February it launched its flagship genomic analysis platform, which the company said can analyze a whole human genome in about four hours, compared to several days with other technologies, as GenomeWeb Daily News sister publication BioInform reported.

"We believe the intersection of genomic analysis and big data is creating disruptive new technologies for mining valuable medical information in the enormous streams of genomic data being generated today," Bina Founder and CEO Narges Bani Asadi said in a statement. "Analyzing this kind of large-scale data has been too expensive or too technically difficult for researchers and clinicians until now. Our mission is to make large-scale genomic analysis more accurate, accessible, and affordable for the entire medical community."