SAN DIEGO, July 30, 2018 /PRNewswire/ -- Omniome, Inc., developer of an innovative new DNA sequencing platform, today announced it has raised an additional $60 million with the completion of its Series B financing. The funding round was led by Decheng Capital and Hillhouse Capital Group, joined by Lam Research Capital and Nan Fung Life Sciences as well as current investors ARCH Venture Partners, Domain Associates, Biomatics Capital Partners and Altitude Life Science Ventures.
"We have been able to validate the tremendous power of our proprietary sequencing biochemistry. Now we are directing our efforts on product development to rapidly advance our first commercial instrument prototypes," said Dave Mullarkey, President and CEO at Omniome. "We appreciate the continued support from our current investors and welcome new investors Decheng Capital, Hillhouse Capital, Lam Research Capital and Nan Fung Life Sciences."
A portion of the proceeds from the financing will be used to expand the company's capabilities by hiring new team members across multiple disciplines, particularly in engineering, and building out additional research and production capacity. The company will continue to optimize the novel Sequencing By Binding™ (SBB™) technology while accelerating prototype development of commercially-impactful sequencing platforms.
"Omniome has focused on discovering and developing a novel and differentiated sequencing technology that can further democratize sequencing and broaden its use," said Ken Song, M.D., Omniome's Executive Chairman. "The team has made outstanding progress, and we look forward to working with our investors to bring forth this new sequencing technology system."
Omniome is developing a breakthrough DNA sequencing platform that delivers highly accurate and fast results at low cost with the potential to advance cancer diagnostics, drive high fidelity single-cell applications and broadly support clinical sequencing. Our scar-free, Sequencing By Binding™ (SBB™) technology provides enhanced precision of nucleotide and DNA matching by leveraging the natural matching ability of the polymerase, decreasing runtimes and increasing the number of samples per run. To learn more about Omniome and our innovative technology, please visit our website at www.omniome.com.