UK-based genome sequencing technology developer Cambridge Epigenetix has secured $88m in series D funding on Tuesday from GV, a corporate venturing unit for internet and technology conglomerate Alphabet.
The round was led by Singaporean state-owned investment firm Temasek and also featured Sequoia Capital, Ahren Innovation Capital, Third Point Ventures and New Science Ventures.
Founded in 2012 and spun out of University of Cambridge, Cambridge Epigenetix has developed a diagnostic screening system that uses epigenetics to test for a number of diseases, including cancer, through a blood exam.
The product is designed to fit into existing sequencing platforms to extract more information from DNA, and the company will use the proceeds to commercialise its technology.
Cambridge Epigenetix had previously raised $30m in a 2018 series C round led by Ahren Innovation Capital that also featured GV, New Science Ventures, Sequoia Capital and DNA Ventures, bringing its total funding to $56.5m.
GV had previously led a $21m series B round for the company in 2016, joining University of Cambridge, Sequoia Capital, Syncona Partners and New Science Ventures, the last of which had led a $5.5m series A round two years earlier that included New Science Ventures and Cambridge Enterprise.
Shankar Balasubramanian, founder of Cambridge Epigenetix, said: “Our sequencing technology works with all sequencers and enhances their accuracy as opposed to replacing or competing with them.
“Further, our technology has the potential to dramatically reduce the cost of genome sequencing, as the low sample requirement and streamlined workflow facilitate its cost-effectiveness and ease of use without sacrificing accuracy.”
