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Tuesday, May 5, 2009
NABsys nabs $4M for DNA sequencing
By Mass High Tech staff
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NABsys Inc., a Providence, R.I.-based developer of DNA-sequencing technology, has closed a $4 million equity round that will be used to grow the company’s solid-state DNA sequencing platform.
The equity financing was led by Point Judith Capital, with additional funding from Slater Technology Fund and other investors. As part of the financing, Point Judith Capital general partner Gina Raimondo will join the NABsys board of directors.
NABsys combines physics, biology and computer science, the company reports, in order to create an electronic, solid-state DNA sequencing platform. The platform eliminates the dependency on a polymerase enzyme and uses electronic detection of DNA and algorithms for DNA rebuilding. The Brown University-built technology is expected to lower costs and time associated with whole-genome sequencing, NABsys officials said in a statement.
NABsys has won a $1.3 million federal grant, awarded by the National Institutes of Health in 2007, to accelerate the mapping of human genomes. The grant was awarded to John Oliver, NABsys vice president of research and development, as well as to Xinsheng Ling, Brown University professor of physics.
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