DNA identification company IntegenX secured $40m in series C financing on Tuesday from investors including corporate venturing unit Samsung Ventures and In-Q-Tel, the venture capital (VC) firm supported by the US intelligence community.
VC firm Essex Woodlands led the round while VC firm Domain Associates, QuestMark Partners, Greenspring Associates, Cross Creek Capital and RONAholdings also contributed.
In-Q-Tel, RONA and Domain Associates previously participated in IntegenX’s $15.6m series B round in February, a round that funded IntegenX’s acquisition of DNA-based human identification company GenVault.
In-Q-Tel and RONA had initially invested in IntegenX’s series A round, which raised $3m in 2006 under IntegenX’s previous name of Microchip Biotechnologies.
Joining the board of IntegenX in conjunction with the funding are Ronald Eastman of Essex Woodlands and Benjamin S. Schapiro of QuestMark Partners.
The funding will be used to finance the commercialisation of the company’s new human identification system for use in both local and international markets. IntegenX hopes the product will create a new market in which analysis of DNA can be used for real-time biometric identification.