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Nabsys Nabs $7M in Venture Funds

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – DNA sequencing developer Nabsys said today that it has reeled in $7 million in Series B venture financing in an equity round led by Stata Venture Partners.

The Providence, RI-based firm said it plans to use the financing to speed up development and commercialization of its core platform, which uses semiconductor technology in a solid-state DNA sequencing tool.

In 2009, Nabsys completed a $4 million equity round.

Nabsys President and CEO Barrett Bready said that the "sequencing technology utilizes established semiconductor fabrication techniques, allowing for the rapid development of sequencing platforms at a scale and speed never before possible."

Ray Stata, founder of Stata Venture Partners, said that Nabsys "represents the merger of two industries which, until now, have been quite disparate: semiconductors and genomics." He added that he expects the technology to be a "significant breakthrough in making DNA sequencing clinically relevant and widely available."

In connection with the investment, Stata was named to Nabsys' board of directors.