It seems like many of the ongoing developments in genetic research share one thing in common: the need for speed. RainDance Technologies, a life science company with DNA sequencing tools to aid research and development for personalized therapies for cancer and other other conditions has raised $20 million, according to a company statement. The funds will be used to expand the market for its core technology aimed at helping researchers reduce the cost and improve the performance of analyzing biological samples and human genome research.
Among the backers of the Series E round for the Lexington, Massachusetts business are Mohr Davidow Ventures, Quaker BioVentures, Alloy Ventures, Acadia Woods Partners and Sectoral Asset Management. It also signed on molecular diagnostics company Myriad Genetics as a strategic partner.
In addition to growing the market for its technology, RainDance will use the funds to boost its commercial operations and manufacturing capacity. It is also relocating its headquarters to a new facility in the Boston area sometime this summer.
When Investment Rhymes with Canada
Canada has a proud history of achievement in the areas of science and technology, and the field of biomanufacturing and life sciences is no exception.
The company’s core customers are genetic laboratories carrying out research for personalized drug development and diagnostics. Although it has traditionally been a laborious process to test different regions of the human genome, the company’s core platform can assess individual reactions in single cells, molecules, proteins and nucleic acids for targeted sequencing. It has also developed two different DNA sequencing tools. The goal of all of these technologies is to expedite and improve the uniformity of the samples labs can process. It also lowers the cost and makes the technology easier to use.
Its ThunderStorm sequencing system is designed to help scientists look at lots of different sections of the genome to pinpoint the biomarkers or variations that might be associated with a particular disease or condition.
