CARLSBAD, Calif., June 11 /PRNewswire/ -- GenVault Corporation, the leader in room temperature biosample management, announced today the addition of $1.5 million in venture funding from Cross Creek Capital, the private equity affiliate of Wasatch Advisors, Inc. Cross Creek joins QuestMark Partners and Domain Associates as GenVault investors.
The new funds will be used to facilitate development and marketing of GenVault products for room temperature DNA and protein management. Demand for these fundamental storage and transport consumables, along with integrated hardware and software products is rapidly growing as the pharmaceutical discovery, healthcare delivery and forensics markets increasingly rely upon precise handling of genomic and other biological materials.
"GenVault has presented investors with an unusual and timely opportunity to participate at the nexus of several new, diverse industries that rely on careful management and archiving of gene-related materials," said Karey Barker, Managing Director, Cross Creek Capital.
"Genomics will benefit millions of people worldwide, in ways that could not have been envisioned only a few years ago. GenVault is clearly critical to helping deliver on this promise."
"Our investors are clearly endorsing the prospective practical and commercial opportunities for leading biosample management, such as that we have provided already to customers worldwide," said David Wellis, Ph.D., CEO of GenVault. "We welcome the addition of Cross Creek as a partner, and look forward to leveraging their collective expertise in commercializing our product pipeline as well as carefully matching our growth to the potential of our target markets."
About GenVault Corporation
GenVault is the leader in providing DNA sample accessibility for genomic discovery, medicine and identification. GenVault serves customers across medical centers, academic institutions, pharmaceutical companies, and law enforcement agencies. As a scalable and reliable alternative to traditional freezers and DNA purification systems, GenVault's dry-state platform enables the extraction, preservation, recovery and distribution of DNA at room temperature. Future systems will also accommodate proteins and RNA to provide a comprehensive solution. From its GenPlate to its Dynamic Archive solution, GenVault is continuously developing and refining best practices for DNA sample management.
About Wasatch Advisors(R)
Founded in 1975, Salt Lake City based Wasatch Advisors is an employee- owned investment adviser with roughly $9 billion under management. Wasatch Advisors is the investment adviser to Wasatch Funds(R), a family of no-load mutual funds, as well as separately managed institutional and individual portfolios. Wasatch Advisors pursues a disciplined approach to investing, focused on bottom-up, fundamental analysis vetted through a uniquely collaborative Multiple Eyes(TM) process to leverage the knowledge and skill of the entire Wasatch Advisors research team.
About Wasatch Cross Creek Capital(TM)
Wasatch Advisors' private equity affiliate, Wasatch Cross Creek Capital, is a venture capital fund focused on late-stage private equity investments in what it believes are the best-of-breed public companies of the future. Wasatch Advisors' experience in evaluating small public companies gives it unique insight into evaluating late-stage private companies. Wasatch Cross Creek Capital leverages the knowledge and skill of the broader Wasatch Advisors research team in its investment decisions.
GenVault CorporationCONTACT: David Wellis, CEO, or Kerri McWeeny, Director of Marketing, bothof GenVault Corporation, +1-760-268-5200
