Bay Area DNA Sequencing Firm 10X Genomics Bags Another $55 Million
Published: Mar 17, 2016
- Financing led by Fidelity; 10x to accelerate commercialization efforts
PLEASANTON, Calif.--(BUSINESS WIRE)--
10x Genomics, a company focused on improving and broadening the application of genomic information today announced the close of a $55 million Series C financing. The financing round was led by Fidelity Management & Research Company and included additional new investors Softbank and JS Capital Management LLC, alongside founding investors Venrock, Foresite Capital, and Paladin Capital. The Series C financing will accelerate 10x marketing and sales efforts in support of its GemCode™ and Chromium™ products revolutionizing genome sequencing, while fueling innovative future product development.
10x Genomics is generating a growing revenue stream by commercializing a new technology platform that will change and broaden the definition of sequencing. Currently available sequencing technologies have altered medicine and other scientific endeavors significantly, but they also leave a substantial amount of critical genetic information inaccessible. 10x Genomics’ platform complements and upgrades existing sequencers, delivering new contextual information, including haplotyping, structural variation and de novo assembly, while easily integrating into existing lab infrastructure.
At February’s “Advances in Genome Biology and Technology” meeting in Orlando, Florida, the Company announced the launch of its Chromium™ product suite, which includes a new set of products for sequencing and single cell analytics, along with a series of co-marketing and co-development partnerships that are expected to present 10x Genomics’ customers with integrated products and workflows to gain a broader spectrum of sequencing information from their research.
“Having developed the tools to fundamentally change the nature and definition of sequencing, we have now forged the key collaborations and marketing partnerships necessary to transform our commercial reach globally,” said Serge Saxonov, Chief Executive Officer of 10x Genomics. “Our platform is enabling customers to uncover critical genomic variation with Linked-Reads, through whole genome sequencing, deep exome analysis, and single cell gene expression analysis. We are thrilled to have the support and experience of world-class investors to help us meet the rapidly growing demand for our products and applications and support our rapid innovation.”
About 10x Genomics
10x Genomics is changing the definition of sequencing by providing an innovative genomics platform that dramatically upgrades the capabilities of existing sequencing technologies. This is achieved through a combination of new microfluidic science, chemistry and bioinformatics. By implementing GemCode technology with the Chromium product suite, researchers can now, for the first time, find new structural variants, haplotypes, and other valuable genomic information while using existing sequencing technologies and workflows.