Japan-based life sciences firm Quantum Biosystems has secured ¥2.4 billion ($20.5m) in a venture round backed by Mitsubishi UFJ Capital, the corporate venture capital arm of conglomerate Mitsubishi.
Tokyo University also took part in the round through its venture arm, Edge Capital, together with state-backed Innovation Network Corporation of Japan, private equity firm Jafco and Mizuho Capital, the venture capital affiliate of financial services firm Mizuho Bank.
Quantum is developing genome sequencing equipment to compete with similar platforms developed by pharmaceutical firm Roche. Both are looking to create a machine that can sequence DNA both quickly and cost effectively.
The company is looking to set up a Silicon Valley-based research facility to work alongside its current Osaka-based lab, with the goal of commercialising a device by 2017. It plans to hold an initial public offering the following year.
Toshihiko Honkura, CEO of Quantum, said: “Faster and cheaper DNA sequencing is vital to help produce the best cancer drugs for each individual. It would be able to sequence DNA of bacteria in soil, helping farmers identify the crop types and ways of farming best suited for each plot of the farmlands.”
– A version of this article first appeared in our sister publication, Global University Venturing.