NABsys Takes in $10M Round, Led by Stata, for Gene Sequencing Tools
NABsys, a Providence, MA-based gene-sequencing startup, announced today it has closed a $10 million Series C investment led by return investor Stata Venture Partners, the Needham, MA-based firm founded by Analog Devices (NASDAQ: ADI) co-founder and chairman Ray Stata (a member of the NABsys board of directors).
The new money, which brings NABsys’ total financing since inception to $21 million, will go to development and commercialization of the company’s solid-state electronic systems for single-molecule DNA sequencing and analysis. The technology uses silicon chips to detect the DNA sequences. Semiconductor pioneer Stata’s firm also led the $7 million Series B round in NABsys in February 2010.
There’s been a bit of buzz lately surrounding gene-sequencing technology developers. Ion Torrent, a new unit of Carlsbad, CA-based Life Technologies (NASDAQ: LIFE) is also developing a gene-sequencing machine that relies on semi-conductor technology. And earlier this year, UK-based Oxford Nanopore raised $41 million from investors including San Diego-based gene-sequencing giant Illumina (NASDAQ: ILMN).