US-based DNA sequencing technology developer Omniome closed its series B round on Monday with $60m secured from investors including subsidiaries of property developer Nan Fung and chipmaker Lam Research.
Investment firm Decheng Capital and hedge fund sponsor Hillhouse Capital co-led the round, which also featured existing investors Arch Venture Partners, Domain Associates, Biomatics Capital Partners and Altitude Life Science Ventures.
Nan Fung and Lam Research participated through Nan Fung Life Sciences and Lam Research Capital respectively.
Founded in 2013, Omniome is working on a DNA sequencing platform that is intended to provide results for quickly at a lower cost than rival systems. It is focused on cancer diagnostics and could also improve the fidelity of single-cell sequencing.
The series B proceeds will be used to expand the company’s production and research capabilities while increasing headcount, particularly in engineering. It had previously raised an undisclosed amount of series A funding in 2016 according to BioCentury.
Omniome president and CEO Dave Mullarkey, said: “We have been able to validate the tremendous power of our proprietary sequencing biochemistry. Now we are directing our efforts on product development to rapidly advance our first commercial instrument prototypes.
“We appreciate the continued support from our current investors and welcome new investors Decheng Capital, Hillhouse Capital, Lam Research Capital and Nan Fung Life Sciences.”