This story was originally published Sept. 15.
Nabsys has raised $10 million in a Series C financing round to support continued development of its electronic solid-state sequencing system. The Providence, RI-based company is developing a system that combines sequencing-by-hybridization with electronic detection.
The new financing will be used to support commercialization, as well as continued technology development toward the company's "goal of developing a semiconductor-based system for single-molecule DNA sequencing and analysis," CEO Barrett Bready said in a statement.
The system will "provide information not attainable from other DNA sequencing platforms, enabling an array of new research and clinical applications," he added.
Nabsys is developing a technology that electronically detects probes that have been hybridized to DNA to provide relative positional information. Officials most recently reported on the company's progress at a National Human Genome Research Institute meeting last March, where the company said it had been able to detect signals from single-stranded DNA with hybridized probes (IS 3/16/2010).
The new funding brings the total funds raised to around $21 million, including a $7 million Series B round last year and a $4 million Series A round in 2009. Stata Venture Partners led the Series C round.