RainDance Technologies, a US-based maker of genomics tools for molecular testing of complex diseases, has closed a $16.5m series E financing round extension; new investors include GE Ventures and Northgate Capital, while all existing financial investors also participated. GE Ventures is the second strategic investor in RainDance, following an investment from Myriad Genetics in 2013.
RainDance has now raised more than $100m from investors including Mohr Davidow Ventures, Quaker BioVentures, Alloy Ventures, Acadia Woods Partners, Sectoral Asset Management, Northgate Capital and Capital Royalty Partners.
The additional investment will be used to accelerate RainDance’s commercial expansion and assay development initiatives for the company’s products.
“We believe technology will play a major role in transforming patient care and by partnering with leading innovators we can help scale the best new ideas in major industries like healthcare,” said Sue Siegel, CEO of GE Ventures and healthymagination. “We have followed RainDance’s progress for many years and are impressed with how the company’s cutting edge technologies are advancing the market and helping to bring in a new era of more accurate, non-invasive and cost-efficient testing for complex genetic disease research.”
Roopom Banerjee, RainDance president and CEO, said: “Our success bringing in strategic investors such as GE Ventures and Myriad Genetics demonstrates we are a trusted platform partner to large customers in advancing the understanding, detection and monitoring of cancer and other important diseases.”