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4 October 2013

BioNano sequences $10m

US-based startup BioNano raises $10m to continue commercialisation of gene sequencing technology.

Author: Gregg Bayes-Brown, editor

BioNano Genomics, a San Diego-based startup commercialising genetic technology licensing from Princeton University, has raised $10m in venture backing.

Existing backers venture firms Domain Associates, Battelle Ventures, and Gund Investment, the investment company of sports team owner Gordon Gund, all participated in the round. All three backed a round of the same size in 2012, with Domain and Battelle joining peer KT Venture Group in 2011 for a $23.3m round.

In total, BioNano has raised $43.3m in venture backing, according to funding data website Crunchbase.

The technology BioNano are commercialising, the Irys System, unravels DNA into longer strands than conventional sequencing technology, offering greater insight into structural variations of the native genome.

Erik Holmlin, chief executive of BioNano Genomics, said:  "We have demonstrated that the Irys System can scale to larger, more complex genomes, including human. Our scientific achievements combined with this new financing pave the way to expand our commercialization efforts and the capabilities of Irys."

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