NEW YORK (GenomeWeb News) – Oxford Nanopore has raised £17.4 million ($28 million) in a new round of funding through existing and new investors and its marketing partner Illumina UK.
The firm is developing a nanopore-based, single-molecule sequencing platform and said that it will use the funds to accelerate development of the technology. It also said that it would use funds to support its lead project in DNA sequencing and to start early work in protein analysis.
"The common elements of our technology platform are now developed enough to merit exploring new applications," Oxford Nanopore CEO Gordon Sanghera said in a statement. "In addition to our lead programme in DNA sequencing we are now initiating a project in nanopore protein analysis."
Investors in the round included previous investors Lansdowne Partners, IP Group and Invesco Perpetual. The new investors in the firm are US-based but have not been disclosed by Oxford Nanopore.
The firm noted that had previously raised £32 million since its inception in 2005.
A little over a year ago, Oxford Nanopore raised $21.1 million from Illumina, with whom it formed a partnership to develop and commercialize its platform, and other investors. As part of that funding round and the partnership, Illumina made an $18 million equity investment in the Oxford, UK-based startup to accelerate the development of the firm's label-free single-molecule nanopore sequencing technology.