NEW YORK (GenomeWeb News) – Real Time Genomics today announced a $5 million investment for the expansion of its commercial operations.
Steve Lombardi, CEO of Real Time Genomics, declined to identify who the investor is. The San Bruno, Calif.-based genomics analytics firm said that it comprises cash and the conversion of debt. The funding will be used for sales and marketing and for genomics applications development.
Steve Lombardi, CEO of Real Time Genomics, called the financing an "evolutionary milestone for the company where we begin to establish a strong commercial presence in the market."
The company introduced its platform in February. The first version called RTG Family Caller simultaneously analyzes genomic data from related individuals "within a patented Bayesian algorithmic framework" to identify all classes of variants. The system is designed to be compatible with sequencers from providers including Illumina, Life Technologies' Ion Torrent, and Roche's 454 Life Sciences.
In the past month, Real Time Genomics has forged deals with Knome, the J. Craig Venter Institute, and Omicia.