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10X Genomics Raises $55 Million in Series C

NEW YORK (GenomeWeb) – 10X Genomics has raised $55 million in a Series C financing round led by Fidelity Management & Research Company. New investors Softbank and JS Capital Management joined founding investors Venrock, Foresite Capital, and Paladin Capital.

10X plans to use the financing to support marketing and sales of its two platforms — the GemCode and Chromium — as well as for new product development. 

The company's products make use of microfluidics and barcoding technology prior to next-generation sequencing in order to generate linked reads that can reveal phase and other long-range genomic information.

10X launched the Chromium system this year and its GemCode platform last year.

In a statement, 10X Genomics CEO Serge Saxonov said that the firm has "now forged the key collaborations necessary to transform our commercial reach globally." The latest investment will help the company "meet the rapidly growing demand for our products and applications and support our rapid innovation," he added.