San Diego startup BioNano Genomics has raised $68.4 million, according to a recent regulatory filing – a sum that includes its recent, well-publicized $53 million Series C round, a representative for the company said.
The company’s genome-mapping Irys system lets researchers detect the structural variations – such as insertions, deletions, inversions, translocations and repeats – that make up individual gene variations.
It’s using the funding to expand its commercialization efforts, develop a next-gen version of its Irys system and build out a diagnostics roadmap, which will include a cytogenetics assay, the spokeswoman said.
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So far, 32 institutions in the U.S., Europe and Asia Pacific are using 34 Irys systems. Here’s the use-case for the system:
“BioNano’s target market is any institution that is currently sequencing samples,” the spokeswoman said. “In order to obtain long-range genomic information for resolving genome complexity, if a sample is sequenced, it should also be run through Irys.”
More than 9,000 sequencers have been sold globally – and BioNano projects its target market could become as large as the sequencing market, she said.
CEO Erik Holmlin spoke of BioNano’s plans at this month’s J.P. Morgan conference. GenomeWeb said at the time:
Currently, Irys is for research use only, but by the end of the year, the firm plans to establish a diagnostic roadmap by completing readiness for a cytogenetics assay, Holmlin said, adding that longer term, assays may also be developed for pediatric genetic disorders and oncology.
Also, BioNano aims to finalize the development of version 3 of the Irys chip, which would be able to map 10 genomes per day, compared to one genome per day currently. The company has a revenue target of between $12 million to $13 million for 2015, a sharp increase from $5 million that it brought in in 2014. It also hopes to grow Irys’ installed base to between 50 and 65 instruments from 23 at the end of 2014, Holmlin said.
The total addressable market for the platform is currently $2 billion, with another $2.1 billion for the system’s consumables, Holmlin said.
