NEW YORK (GenomeWeb News) – BioNanomatrix today said it has closed a $23.3 million Series B financing round.
Leading the round was Domain Associates. New investor Gund Investment and existing investors Battelle Ventures, Innovation Valley Partners, and KT Venture Group also participated.
In November, the Philadelphia-based company introduced its nanoAnalyzer 1000 System, a silicon-chip based platform for single-molecule genome analysis. The system uses nanochannels in a massively parallel array format to trap individual DNA fragments, image them, and release them before the next DNA fragment flows into the channel.
Since its introduction, "a number" of the nanoAnalyzer 1000 systems have been placed with early access users, Erik Holmlin, the president and CEO of BioNanomatrix, said. "The Series B financing comes at a pivotal time for the company, as we advance toward commercialization" of the platform, he said in a statement.
BioNanomatrix was founded in 2003 and licensed its core technology from Princeton University.
Brian Halak, a partner at Domain Associates, is joining BioNanomatrix's board. He said that the funds will allow the company to establish a "strong West Coast presence that will provide additional business opportunities and the ability to recruit from a talent base that has established this industry."
The company did not disclose other uses of the funds.