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ChromaCode Raises $28M in Series C Financing

NEW YORK – Molecular diagnostics firm ChromaCode said on Tuesday that it has raised $28 million in Series C financing.

The company plans to use the new funds to accelerate development of ChromaCode's high-definition PCR products for digital PCR and real-time PCR platforms.

Funds will also be applied toward expanding partnerships with leading companies in molecular infectious disease, reproductive health, and precision medicine for oncology, the firm said, as well as to support commercialization of ChromaCode's new multi-drug resistance and tick-borne pathogens multiplex panels. 

The financing round was led by Northpond Ventures, with participation from new investors Windham Ventures, Moore Venture Partners, and the California Institute of Technology, as well as existing investors New Enterprise Associates (NEA), Domain Associates, and Okapi Ventures.

In a statement, NEA's Carol Gallagher said that technologies that advance the state of the art typically enter the market at a higher price point, but ChromaCode's approach "provides an unprecedented opportunity to respond to emerging demands for more comprehensive clinical diagnostic tools in an extraordinarily cost-efficient manner."

The new funding adds to $12 million Carlsbad, California-based ChromaCode raised in a Series B round in 2017 and $2.5 million it raised in a Series A round in 2015.