Prov-Based Nabsys Raises $21M to Launch HD-Mapping Platform, Firm in Midst of Amazing Rebound

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.

“This investment round will help Nabsys fulfill its mission to make the analysis of large- and intermediate-scale genomic variation as routine, accurate, and cost-effective as the analysis of single-nucleotide variation,” said Barrett Bready, M.D., Founder and CEO at Nabsys.

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For the company, it is a significant turnaround.

Latest for Nabsys

GoLocal reported that the company closed in September of 2015 after burning through $50 million in investments. Then, GoLocal reported that Bready was able to reacquire the company.

According to documents secured by GoLocal, the Providence-based company which was working in the genome-mapping world was sold to Bready for $500,000 and the assumption of $100,000 in debt with General Electric Capital. 

The deal with Bready was made by Barry Kallander of the firm KallanderGroup of Boston, which served as the workout firm for the depleted company. 

HD-Mapping

Now, the new capital infusion will allow the company to move forward with a significant new initiative.

HD-Mapping has applications in a variety of research applications, including de novo assembly, structural variant analysis, metagenome characterization, and strain identification, as well as in next-generation cytogenetics, according to the company's announcement.

Nabsys electronic mapping allows routine, scalable analysis of genomic structural variation.

“There is a strong need for accurate, robust, and scalable genomic structural analysis for cytogenetic, cancer, and infectious disease research. Hitachi High-Technologies determined that the Nabsys HD-Mapping approach effectively supports this need. The company is also a strong fit with our strategy for continued advanced R&D with strategic investments in life sciences,” said Tsuyoshi Ogino, General Manager, Innovation Division at Hitachi High-Technologies.

About High-Technologies Corporation

Hitachi High-Technologies Corporation, headquartered in Tokyo, Japan, is engaged in activities in a broad range of fields, including Analytical & Medical Solutions (manufacture and sales of clinical analyzers, biotechnology products, and analytical instruments), Nano-Technology Solutions (manufacture and sales of semiconductor manufacturing equipment and analysis equipment), and Industrial Solutions (providing high value-added solutions in fields of social & industrial infrastructures and mobility, etc.).

The company’s consolidated revenues for FY 2018 were approx. JPY 731.1 billion [USD 6.6 billion].