NEW YORK (GenomeWeb News) – Oxford Nanopore today said that it has raised £25 million ($41 million) in a private placement of ordinary shares.
The Oxford, UK-based nanopore sequencing firm said that it would use the funds to support further development, external validation, and production capabilities for its technology in DNA sequencing and protein analysis applications. The firm's platform technology, GridION, consists of a scalable, modular instrument and consumable cartridge.
Investors in the round included existing and new institutional and individual investors in the US and UK. Among the investors were Landsdowne Partners, IP Group, Invesco Perpetual, Redmile Group, and Illumina.
Illumina previously invested $18 million in Oxford Nanopore in early 2009 as part of a partnership to further develop and commercialize Oxford's DNA sequencing technology.
Oxford Nanopore also raised £17.4 million in a round of funding in early 2010. Previous to the private financing announced today, Oxford Nanopore had raised around £49 million since its inception in 2005.