NABsys Inc., the pioneer in electronic, solid-state DNA sequencing,
today announced that it has received a $7 million investment as part of
a Series B equity round led by Stata Venture Partners. The funding will
be used to accelerate the development and commercialization of the
company’s proprietary DNA sequencing platform, which leverages
semiconductor technology to achieve the scope and scale required for
full integration of genomics into medicine.
“Ray Stata is one of the
true pioneers of the semiconductor industry and his expertise, influence
and leadership will be invaluable as we continue to move forward with
our commercialization strategy.”
In addition, Ray Stata, founder of Stata Venture Partners, and founder
and chairman of Analog Devices Inc. (NYSE: ADI), has joined the NABsys
board of directors. Over the past 45 years, Mr. Stata has turned ADI
into a global leader in high-performance semiconductors for
signal-processing applications and a Fortune 500 company. Stata
Venture Partners has contributed to the success of many technology
startups.
“The NABsys DNA sequencing technology utilizes established semiconductor
fabrication techniques, allowing for the rapid development of sequencing
platforms at a scale and speed never before possible,” said Barrett
Bready, M.D., president and CEO of NABsys Inc. “Ray Stata is one of the
true pioneers of the semiconductor industry and his expertise, influence
and leadership will be invaluable as we continue to move forward with
our commercialization strategy.”
“NABsys represents the merger of two industries which, until now, have
been quite disparate: semiconductors and genomics,” said Mr. Stata. “I’m
looking forward to working with the company’s leadership team and
helping them commercialize what we believe will be a significant
breakthrough in making DNA sequencing clinically relevant and widely
available.”
In 2009, NABsys closed a $4 million equity round and expanded its board
of directors with the appointments of proven life sciences industry
veterans, including Stan Rose, Ph.D., president of Rose Ventures Inc.,
and Gina Raimondo, Ph.D., general partner at Point Judith Capital. Point
Judith Capital led the Series A round and participated in the Series B
round of funding.
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