PROVIDENCE – NABsys Inc., developer of a new approach to DNA sequencing and analysis through electronic detection, announced it closed a $10 million venture capital round on Wednesday.
NABsys said that it is the largest venture capital investment for a Providence-based startup in the last decade.
“Continuing support from our investors has made it possible for us to build an exemplary team as we work toward our goal of developing a single-molecule, semiconductor-based system for DNA sequencing and analysis,” said Dr. Barrett Bready, CEO. “This system is designed to provide information not attainable from other DNA sequencing platforms, enabling an array of new research and clinical applications.”
The company hopes to “dramatically impact” biological research with its approach to DNA sequencing and analysis, and provide accurate and affordable whole-genome sequencing for clinical applications and improved medical treatment.
The announcement was made Wednesday at the company’s headquarter at 60 Clifford St. with Gov. Lincoln D. Chafee, Providence Mayor Angel Taveras, General Treasurer Gina M. Raimondo and R.I. Economic Development Corporation head Keith W. Stokes in attendance.
The round of Series C Preferred Stock financing was led by Stata Venture Partners and pushes the company’s funds-raised total to $21 million since April 2009.