Omniome, a US-based DNA sequencing platform developer backed by property developer Nan Fung and chipmaker Lam Research, has completed a $60m series C round led by private equity firm Madrone Capital Partners.
Founded in 2013, Omniome is developing a DNA sequencing platform it claims offers higher accuracy than comparable technologies. The company focuses on cancer diagnostics and single-cell sequencing, but also expects its platform to have broader applications.
The funding will be combined with an undisclosed amount of debt financing already secured by Omniome and will allow it to accelerate late-stage product development and prepare for a commercial release of its technology.
Part of the series C proceeds will also drive recruitment across Omniome’s manufacturing, engineering, development, customer support and commercial teams.
The company has not disclosed details of its series A funding but said it has now raised $145m in the past 18 months. It closed a $60m series B round in August 2018 that included Nan Fung Life Sciences and Lam Research Capital, respective subsidiaries of Nan Fung and Lam Research.
The series B round was co-led by investment firms Decheng Capital and Hillhouse Capital, with additional commitments from existing investors Arch Venture Partners, Domain Associates, Biomatics Capital Partners and Altitude Life Science Ventures.
Omniome chairman Ken Song said: “Omniome has made incredible progress over the past couple years maturing from an early product concept company to a late stage product development company.
“The goal and vision have always been to develop a disruptive sequencing technology taking into account accuracy, speed, throughput and cost. The team’s success in advancing product development across these dimensions has attracted considerable interest from top tier investors.”
