NEW YORK (GenomeWeb) — Loop Genomics said today that it has closed an $8 million Series A financing round.
The round was led by Khosla Ventures and included Fusion Fund, DN Capital, Y- Combinator, WSGR, and Wisemont Capital. Loop said it will use the funding to grow its domestic sales force and international commercial operations, and to expand its platform technology into new markets.
Founded in 2015, Loop offers kits and services based on a synthetic long-read sequencing technology that enables short-read sequencers to generate long-read data. The San Jose, California-based company also recently launched a service for long-read mRNA sequencing and splice variant mapping, which is being used by the Children's Hospital in Cincinnati in a cohort of pediatric gut samples and by Cancer Research UK to study cancer-associated splice variants.
"We've learned so much from our customers about what they need to use long-reads for, and we are building our new kits and services tailored to those specifications and to meet those needs leveraging our platform," Loop Genomics CEO Tuval Ben Yehezkel said in a statement.