NEW YORK – Swedish RNA technology startup Basic Genomics said Friday that it has closed a SEK 11.7 million ($1.2 million) investment round to support development and commercialization of its BaseCode technology for RNA analysis.
The round was co-led by Segulah Medical Acceleration and Navigare Ventures, with support from undisclosed existing shareholders.
With the money raised, Basic Genomics said it plans to "expand operational activities" and to further develop its "accurate, accessible, and cost-effective" technology for characterizing RNA molecules.
A spinout from the Karolinska Institute, Basic Genomics has not publicly disclosed details of its BaseCode RNA analysis technology other than noting it is a sequencing workflow for long RNA molecules and "enables unprecedented accuracy and throughput in the analysis of RNA isoforms."
"The strong interest and support we've received have been truly encouraging," Basic Genomics CEO Gert-Jan Hendriks said in a statement. "With this investment, we are ready to enhance our product development and bring our innovative RNA research technologies to researchers more quickly."