SAN JOSE, CA--(Marketwire - February 28, 2012) -
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GeneWeave Biosciences, developer of a platform for the rapid detection of infectious disease, today announced that it raised $12 million in a series A round of venture capital led by Decheng Capital. Existing investors Claremont Creek Ventures and X/Seed Capital also participated in the round.
The company also announced that Min Cui, Managing Director at Decheng Capital, will join the company’s board of directors.
Steve Tablak, the CEO of GeneWeave Biosciences, said the latest infusion of capital will be used to complete the development, validation and clearance of the initial test for the company’s platform. The company has developed a breakthrough molecular diagnostic technology for the detection of life threatening pathogens.
“Using patent-pending technology, the GeneScout™ platform, we will be able to deliver an unprecedented combination of performance and simplicity to hospital laboratories seeking to replace traditional microbiology with better performing molecular diagnostics,” said Tablak.
“Decheng Capital led the latest venture round for GeneWeave Biosciences because we see the tremendous application for the technology both here in the United States and in China where there is fast growing demand for innovative molecular diagnostics products. GeneWeave has the opportunity to offer simplified workflow, rapid results and truly transformational technology,” said Decheng Captial’s Cui. “We believe that GeneWeave will continue to deliver exceptional results, as they have done throughout their early development.”
“I’m very excited about GeneWeave’s upside,” added Ted Driscoll, a partner of Claremont Creek Ventures. “From the outset, we have imagined a wide range of applications for GeneWeave’s innovative platform. This is one of our early stage companies that has consistently delivered results ahead of schedule and under budget. We could not be more excited to have a front row seat as this financing round will allow the dynamic management team to lead the company to first commercialization and beyond,” Driscoll added.
About GeneWeave Biosciences
GeneWeave Biosciences has created a new and innovative platform for the surveillance and detection of infectious disease. Their proprietary GeneScout™ technology offers a truly transformational solution for health care providers seeking to detect and prevent infection from potentially life-threatening organisms. For more information visit: www.geneweavebio.com
About Decheng Capital
Decheng Capital is a leading venture capital firm that provides capital to early and growth stage life science companies in China and the U.S. Their team of investment professionals has complementary expertise, a long history of working together and a shared dedication to building highly successful companies that span the full spectrum of the life sciences industry. Their domain knowledge, access to innovative technologies and ability to bring proven Western products to China makes them the preferred partner for entrepreneurs, domestic and multinational companies, government agencies and investors. For more information visit www.decheng.com
About Claremont Creek Ventures
Claremont Creek Ventures is a seed and early stage venture firm. They invest in digital healthcare, energy technology, payments/commerce, and online businesses. Working with their companies, they use capital efficiently, stay lean and develop great teams. Utilizing their proprietary life-cycle venturing program, they partner with entrepreneurs and institutions, including UC Berkeley, Lawrence Livermore Labs, Stanford University and UC Davis. Claremont Creek has more than $300 million in capital under management in two funds. For more information, visit www.claremontcreek.com.
About X/Seed Capital
X/Seed Capital is a very early stage venture fund with over $100 million under management providing capital, resources, time and attention to entrepreneurs pursuing breakthrough innovations. For more information visit: www.xseedcap.com
CONTACT:
Jennifer Jones
Email Contact
(650) 529-1416
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