By Joel Scanlon
Nanoscale technology developer for single-molecule analysis and imaging, BioNanomatrix announces that a $23.3 Million worth Series B equity financing round has been completed.
New and existing investors join the equity financing round, led by Domain Associates. Gund Investment is the new investor and existing investors of the company are KT Venture Group, Battelle Ventures, and Innovation Valley Partners.
R. Erik Holmlin, President and CEO of BioNanomatrix, states that the funding is secured at a critical time, as the company is progressing towards commercializing the new genome analysis system, nanoAnalyzer. He also adds that the nanoAnalyzer 1000 System was launched on November 2010 at the American Society of Human Genetics’ annual meeting.
The nanoAnalyzer platform is simple, affordable, and works efficiently. It reduces cost and time required for whole genome analysis. These benefits will make it feasible for wide range of applications such as research in biomedical, molecular diagnostics, and personalized medicine.
Dr. Brian K. Halak, who is joining BioNanomatrix’s Board of Directors, quotes that the company has made significant advance in developing and improving the nanoAnalyzer technology. The new financing supports the genomics company to establish its presence in West Coast, so that BioNanomatrix gains additional business opportunities.