News Article

NABsys nabs $10M in VC financing round
Date: Sep 14, 2011
Author: Michelle Lang
Source: bizjournals ( click here to go to the source)

Featured firm in this article: NABsys Inc of Providence, RI

DNA sequencing firm NABsys Inc. has completed a $10 million round of venture capital financing, led by Stata Venture Partners.

The funding consisted of Series C Preferred Stock that the Providence, R.I.-based company said in a release would be used for further development and commercialization of its technology.

NABsys is working on electronic, solid-state DNA sequencing that, the company said, could ultimately be used in whole-genome sequencing. The solid-state systems could also support targeted gene sequencing and DNA structural analysis.

NABsys previously landed a $7 million Series B equity investment, also led by Stata Venture Partners, in February 2010. The funding then also included support from Point Judith Capital, which led NABsys’ May 2009 fundraise of $4 million. Ray Stata, founder and chairman of the board of Analog Devices, is a director on the NABsys board.

The company was founded in 2004 as a Brown University spinoff, utilizing research from the university’s physics, computer science and chemistry departments. Then, in 2006, NABsys acquired another Brown spinoff, GeneSpectrum, which had developed a Hybridization-Assisted Nanopore Sequencing (HANS) platform for sequencing human genomic DNA.