Providence's Nabsys Raises $25 Million Equity Round
GoLocalProv Business Team
Providence's Nabsys Raises $25 Million Equity Round
The funding will reportedly be used to complete development and commercialization of the second-generation of its High-Definition Mapping (HDM) platform.
According to the company -- a pioneer in electronic whole-genome mapping -- it will increase headcount in R&D, manufacturing, and global commercial operations. The deal also provides for an additional $13 million upon achieving certain milestones.
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About Funding
“Hitachi High-Tech has had a long-standing interest in the analysis of human structural variation and has been in search of a technology to meet the significant market need,” said Tsuyoshi Ogino, general manager, Molecular Research & Diagnostics Division at Hitachi High-Tech America, Inc., and Nabsys board member. “We believe the Nabsys HDM platform is the ideal solution for that important unmet need.”
Barrett Bready, M.D., Nabsys founder and CEO, said Hitachi High-Tech’s investment will help enable Nabsys to make the analysis of genome-wide human structural variation widely available, accurate, and cost effective.
“Our first-generation HDM instruments have been in customers’ hands for over a year now and have been very well-received,” said Bready. “We are excited to capitalize on the highly scalable nature of our high-speed, single-molecule, electronic detection to increase throughput and expand the application space.”
Latest for Nabsys
The original incorporation of Nabsys was formed through the 2007 merger of two companies founded by scientists from Brown University, and raised $41 million in venture financing beginning in 2009.
In 2015, the previous iteration of Nabsys had closed.
In 2019, Nabsys was reconstituted -- and raising money again.
And an early funder? Hitachi. As GoLocal reported in 2019, "Prov-Based Nabsys Raises $21M to Launch HD-Mapping Platform, Firm in Midst of Amazing Rebound:"
"Providence-based Nabsys announced Wednesday that it closed on a $21 million equity round led by Hitachi High-Technologies Corporation.
Nabsys will use the funding to finalize product development and support the launch of its HD-Mapping platform."