US-based genome mapping technology developer BioNano Genomics closed a $53m series C round on Thursday co-led by the corporate venturing units of conglomerate Legend Holdings and pharmaceutical company Novartis.
Legend Capital and Novartis Venture Fund were joined by Battelle Ventures, the venture capital subsidiary of non-profit medical research firm Batelle Memorial Institute, as well as Federated Kaufmann Fund, Monashee Investment Management, Domain Associates and Gund Investment Corporation.
BioNano has created a systematic approach to detect long-range genomic information that could eventually help treat illnesses such as cancer. It will use the funding to accelerate the commercialisation of its BioNano’s Irys platform, and to begin work on its next generation of platforms.
The company has now raised approximately $113m in debt and equity since it was founded in 2008 as BioNanomatrix, according to regulatory filings. Past investors also include KT Venture Group, the corporate venturing subsidiary of semiconductor equipment producer KLA-Tencor.
Darren Cai, an executive director at Legend Capital, and Campbell Murray, a managing director at Novartis Venture Fund, joined BioNano’s board in conjunction with the funding.