Genomics of BioNano, Inc , leader in genome mapping, today announced the completion of $53 million in Series C funding. The Legend Capital and Novartis Venture Fund co-led the round and joined the Federated Kaufmann Fund and Monasche Investment Management as new investors. Existing investors Domain Associates, Battelle Ventures and Gund Investment Corporation have also participated. Darren Cai, Ph’s D. D. Executive Director, Legend Capital, and Campbell Murray, M. D. D. , Managing Director of the Novartis Venture Fund, joined the Board of Directors of BioNano The capital raised will be used to expand marketing efforts to expand the installed base and use of BioNano’s IrysTM platform and to develop next generation platforms and technology innovations.
‘BioNano’s Irys System enables a comprehensive detection of structural variations (SVs) that make up a substantial portion of the genome differences between individuals. The ability to robustly discover SVs is recognized as an essential tool for the application of genomic information in personalized medicine and diagnostics,” said Dr. Uh, Cai ‘We see genome mapping as a large, high-growth market that complements and expands the sequencing market. ”
Implicated in a rapidly growing list of clinical indications, SVs are essential for understanding, diagnosing and treating many human diseases; they also play a significant role in understanding food crops and other areas of ag-bio Structural variations include insertions, deletions, inversions, translocations and repetitions. As a whole, they were referred to as the ‘inaccessible genome,’ because they are often missed by the existing repertoire of genomics tools.
Dr. Dr. Murray said, ‘We have seen that BioNano has the only commercial genome mapping system that can systematically analyze clinically important SVs, including DNA re-arrangements and recombinations, and has been inspired to provide BioNano with capital and expertise. ”
‘The understanding of structural variations is essential to advance the clinical impact and diagnostic use of genomics,’ said Tracy Warren, Chair of BioNano Genomics. ‘BioNano’s Irys System provides a missing link between sequencing data and actionable clinical data ”
BioNano’s Irys System is a long-read genome mapping solution that reveals the location, order and orientation of functionally relevant genome components, including the size and location of long-term repeats and integration sites that are often involved in complex diseases such as cancer. Irys finds all kinds of structural variations in a single assay, without prior knowledge of the variants. Previously, obtaining a comprehensive view of the genome was a major obstacle because existing tools, such as next generation sequencing and arrays, do not provide scalability or reliability to detect, resolve and assemble large repetitive elements and structural variations.
‘Our investors have seen the research community’s response to BioNano’s Irys System as a ‘must-have’ tool to drive the next wave of genomics discoveries. They predict how our technology will enable the practical use of genomic information in clinics and other important industrial settings,” said Erik Holmlin, Ph.D. D. D. , Chairman and CEO of BioNano ‘We will use this capital to accelerate Irys’ global sales and to invest in next generation innovation to address the untapped, multi-billion dollar genome mapping market. ”
About Capital of Legend
Legend Capital is an investment company focused on innovation and growth, with its core business focused on growth investment at the expansion stage as well as on venture investment. Legend Capital manages assets of more than $3 billion over 9 funds and has invested in more than 200 companies. Legend has an investment team of over 50 professionals, including 20 partners. http://www: Legendary Capital Come on, Uh, cn/en/
About the Venture Fund for Novartis
The Novartis Venture Fund (NVF) manages more than $1 billion of committed capital and more than 45 portfolio companies. NVF invests in companies with the potential to change the core therapeutic field or to explore new business areas that will be critical to patient care. Our primary interest lies in the development of novel therapeutics and platforms as well as medical devices and diagnostics. NVF is an independent and financially managed corporate venture fund with offices in Basel, Switzerland and Cambridge, Massachusetts. http://www: Venture Funding Novartis, Novartis Come on,
The Federated Kaufmann Fund
Federated Kaufmann Fund is a publicly traded mutual fund of approximately $5. $6 billion in assets Federated Kaufmann Fund is a member of Federated Investors, Inc. The world’s leading investment manager with approximately $350 billion in assets
About the management of Monashee Investment
Monashee Investment Management is an investment consultant based in Boston, Massachusetts.
BioNano Genomics
Headquartered in San Diego, BioNano Genomics provides an entirely better way to gain a fully informed understanding of genomes. BioNano is the only company offering a systematic and commercially viable approach to detecting long-range genomic information that reveals the structure of complex genomes such as human and cancer. Structural variations are increasingly known to be inextricably linked to human diseases and are therefore vital for their diagnosis and treatment. The Irys platform provides researchers and clinicians with the most comprehensive, organized and actionable picture of the genome, including unprecedented insights into how the individual components of genomes are ordered, arranged and interacted with each other. BioNano Genomics works with institutions in the fields of life sciences, translational research, molecular diagnosis and personalized medicine. The Company is supported by Legend Capital, Novartis Venture Fund, Federated Kaufmann Fund, Monashee Investment Management, Domain Associates, Battelle Ventures and Gund Investment as well as grant funding from genomics programs to federal agencies, including NIH and NIST-ATP.
http://www: BioNano-Genomics Come on,
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