BioNanomatrix raises $5.1M for genome work
A West Philadelphia start-up company, BioNanomatrix Inc., said today that it has raised $5.1 million to advance its technology that aims to sequence an entire individual human genome in eight hours at a cost of just $100.
A West Philadelphia start-up company, BioNanomatrix Inc., said today that it has raised $5.1 million to advance its technology that aims to sequence an entire individual human genome in eight hours at a cost of just $100.
Current technology takes about two months and costs between $60,000 and $350,000.
BioNanomatrix's technology is a tiny silicon "nano" chip that permits whole strands of DNA to remain intact through analysis. The strands are "read" and imaged without being broken, like sentences in a book.
Battelle Ventures LP, of Princeton, led the $5.1 million financing. Also participating was Battelle Ventures' affiliate fund, Innovation Valley Partners, and KT Venture Group of San Jose. Earlier investors Ben Franklin Technology Partners of Southeastern Pennsylvania and 21 Ventures of New York, agreed to convert debt into stock as part of the financing.
BioNanomatrix recently received an $8.8 million federal grant with partner Complete Genomics Inc. to develop the $100 genome sequencing.
BioNanomatrix was founded by molecular biologist Han Cao, based on work he did in the electrical-engineering department at Princeton University in nanofabrication - making miniature devices commonly used in the semiconductor industry.
The company's offices are at the Science Center at 37th and Market Streets.