NEW YORK (GenomeWeb) – Advanced Cell Diagnostics today said that it has raised $22 million in a Series C equity financing.
The Hayward, California-based company will use the financing to accelerate its entry into the research and clinical diagnostics markets and to launch new technology platforms based on its RNAscope technology.
The financing was led by Summit Partners. Kenson Ventures and existing investors Morningside Ventures and New Leaf Venture Partners also participated. In conjunction with the financing, Harrison Miller, a managing director at Summit Partners, is joining ACD's board.
"The new funding will accelerate our pace of continued innovation and allow us to aggressively pursue our vision to bring RNAscope technologies to the forefront of precision medicine," ACD Founder, President, and CEO Yuling Luo said in a statement.
The RNAscope technology is an automated multiplex chromogenic and fluorescent in situ hybridization platform capable of detecting and quantifying RNA biomarkers in formalin-fixed, paraffin-embedded tissues. It offers quantitative molecular detection along with morphological context in a single assay.