US-based health company Edico Genome, a provider of genomic mapping for uncovering genetic markers, has received $10m in a series A round led by Qualcomm Ventures, the corporate venturing division of semiconductor producer Qualcomm.
The round also included venture firm Axon Ventures and angel investor Greg Lucier, previously the chairman and chief executive of Life Technologies. Lucier has also been appointed to the Edico Genome board of directors.
Edico will use the funding to promote Edico’s DRAGEN bio-IT processor, which the company claims will reduce the time required to process an entire human genome from 24 hours down to 18 minutes.
The product is expected to be launched in October at the American Society of Human Genetics annual meeting. Funds will also be set aside for hiring.