NEW YORK – TwinStrand Biosciences said Tuesday it has closed a $16 million Series A financing round.
Madrona Venture Group led the round, joined by Alexandria Venture Investments, Ridgeback Capital, and Sahsen Ventures. TwinStrand will use the funds to accelerate its commercial pipeline, grow corporate infrastructure, and pursue pharmaceutical partnerships.
The Seattle-based University of Washington spinout is commercializing duplex sequencing technology to detect low-frequency DNA mutations, with applications in areas such as ovarian cancer diagnostics and genotoxicity testing.
"Being able to read our DNA with the breakthrough accuracy of duplex sequencing will have a profound impact on each of our lives," Terry Myerson, venture partner at Madrona, said in a statement. "TwinStrand's innovation is at the forefront of the intersection of life sciences and computer science. "
Previously, the firm raised $5.5 million in seed funding and won $6.4 million in small business innovation research (SBIR) grants.