NEW YORK (GenomeWeb) – Molecular diagnostics firm ChromaCode said today it has raised $12 million in a Series B funding round.
The round was led by New Enterprise Associates with participation from existing investors, Domain Associates and Okapi Ventures.
The new funds will be used to further develop and establishing a commercial infrastructure for the firm's High-Definition Polymerase Chain Reaction (HDPCR) method, a software and assay technology that uses existing real-time PCR instruments and digital signal processing to improve molecular analyses. The HDPCR method relies on patented mathematical methods and algorithmic enhancements to enrich signal processing from life science instrumentation, the firm noted in a statement, enabling multiplexing on existing qPCR instruments.
ChromaCode also announced today that it has appointed Alex Dickinson, a former senior vice president of strategic initiatives responsible for Illumina's cloud genomics and PCR initiatives, as its executive chairman.
"Next-generation sequencing-based research has delivered a vast array of genetic markers for a multitude of diseases," Dickinson said in a statement. "However, the high cost, complexity, and scarcity of NGS has limited the clinical impact of this work. ChromaCode's HDPCR enables multiplexed tests on the qPCR instruments that are used every day in all the world's molecular diagnostic labs, enabling universal access to leading-edge diagnostics."