NEW YORK (GenomeWeb News) – RainDance Technologies has closed a Series D financing round that has raised $37.5 million, the Lexington, Mass.-based firm said today.
RainDance said that it will use the funds to develop new applications for its commercial targeted sequencing and sequence enrichment solution in the medical genetics and research markets. It also plans to grow its global sales and support infrastructure.
In addition, RainDance plans to use some of the proceeds to develop and commercialize products for single-molecule digital PCR and single-cell analysis.
Two weeks ago at the JP Morgan Healthcare Conference, RainDance President and CEO Roopom Banerjee told investors that the new digital PCR offering will be more accurate than qPCR and offer more than one million data points per sample. He said the firm will target applications including infectious diseases, immune monitoring, and genetic screening.
"The fact that we have been able to raise a sizable round of financing during a difficult funding environment is further validation of our business and disruptive microdroplet technology platform," Banerjee said in a statement today.
Banerjee is scheduled to discuss the firm's new product offerings next week at the Advances in Genome Biology and Technology meeting in Marco Island, Fla.
The Series D round was co-led by new investor Quaker BioVentures and existing investor Mohr Davidow Ventures. Other existing investors Alloy Ventures and Acadia Woods also participated in the financing.
As part of the financing round, Sherrill Neff from Quaker BioVentures and Jeffrey Samberg from Acadia Woods will join RainDance's board of directors.