CARLSBAD, Calif., April 4 /PRNewswire/ -- GenVault Corporation, the leader in room temperature biosample management, announced today that the company has successfully closed an additional $18 million in venture financing. QuestMark Partners joins Domain Associates as GenVault’s investor. In conjunction with this transaction, Benjamin S. Schapiro, Partner at QuestMark Partners, will join GenVault’s Board of Directors.
The funds will be used to accelerate commercialization of GenVault proprietary technologies in room temperature biosample storage and transport for genomic discovery, healthcare and forensic applications.
Mr. Schapiro commented, “GenVault management and technology are clearly poised to transform fundamental niches within several major industries worldwide, from drug discovery, to forensics, to healthcare management and delivery. The Company has a proven track record in delivering significant value to its pharmaceutical, academic and forensics customers. We are anticipating a highly productive collaboration.”
“The support of a firm of the caliber such as QuestMark, and the continued support of Domain, mark a great accomplishment for the GenVault team,” said David Wellis, Ph.D., CEO of GenVault. “The addition of this significant capital will enable expansion of our global sales and marketing programs, production, and ultimately, market penetration, in several multibillion dollar markets.
This milestone marks a gratifying endorsement of both GenVault’s novel technology, as well as recognition of an unusual opportunity to grow diverse industrial, academic and government markets worldwide.”
“The company’s technology and business model meet a growing demand for reliable, sophisticated biosample management in industries where this is critical for accurate, cost effective processes and outcomes,” said James C. Blair, Ph.D., Partner at Domain Associates. “Our continued investment is worthy of this unique technologic and commercial opportunity.”
About GenVault
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 Questmark Partners
QuestMark Partners is a venture capital firm focused on late-stage growth companies in emerging markets. QuestMark’s areas of focus include in growth industries such as software, medical devices, and internet-based businesses, as well as enterprises in broader technology, health care and consumer areas. Founded in 1998, QuestMark has over $450 million under management.
About Domain Associates
Since the formation of Domain Associates in 1985, Domain’s partners have been actively involved in the creation of venture capital backed enterprises that now form the backbone of the biotechnology industry. Companies receiving early venture financing and active involvement from Domain’s partners today account for over $100 billion of stock market value and close to $12 billion in annual revenues. Domain provides approximately $100 million annually to U.S.-based ventures concentrating in the life sciences industries.
GenVault
CONTACT: David Wellis, CEO, or Kerri McWeeny, Director of Marketing ofGenVault Corporation, +1-760-268-5200
