RainDance Technologies, a US based Digital Biology™ Company, raised $35 Mn in debt financing from Capital Royalty Partners, reports GigaOm. Recently, the company also successfully completed $20 Mn Series E funding round few months back. This makes the total amount raised till date, more than $100 Mn.
The company is looking forward to accelerate growth and support product development with the raised funds.
RainDance Technologies, launched in 2004, is based in Billerica, Massachusetts. It has an innovative portfolio of genetic research tools used by customers for the early detection and monitoring of complex diseases more accurately, reliably and cost-effectively. The company focuses on genetic research in cancer and inherited diseases and supports scientists around the world through its international sales and support operations and a global network of distributors and service providers.
As per Roopom Banerjee, the company’s CEO and president, the technology has been useful to find new gene mutations, screen types of agricultural and food samples for different pathogens and in many other genetic testings.
According to the recent researches, in less than 10 years, the time and cost of sequencing genomes was reduced by a factor of 1 million. Thereby making personal genomics a key to determine the most appropriate medical treatment for a patient.
The decrease in costs has, thus, enabled the generation of information at the petabyte (1000 terabytes) scale. Projects such as Encode, Human Genome, etc. have produced piles of data, illustrating how Big Data is becoming integral for scientific research.
At present, RainDance technologies customers include more than 70 leading translational, genetic and commercial laboratories worldwide. The company is backed by investors such as Myriad Genetics, Inc., Mohr Davidow Ventures, Quaker BioVentures, Alloy Ventures, Acadia Woods Partners, and Sectoral Asset Management.
Recently, BINA, a CA based genomics big data startup also raised $8 Mn in series B round. The investment was led by Sierra Ventures and is supported by Ex Yahoo CEO Jerry Yang’s venture arm AME Cloud Ventures.
The other companies/ institutions in this space which are contributing to big data analysis includes Knome, GNS healthcare, Genome International corporation and many more.
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