Myriad Genetics, a US-listed biotech, has joined the $20m series E round for RainDance Technologies, a local gene-sequencing service provider.
All of RainDance’s previous venture capital investors also participated in the round: Mohr Davidow Ventures, Quaker BioVentures, Alloy Ventures, Acadia Woods and Sectoral Asset Management.
RainDance previously raised $37.5m in its D round in January 2011, while it was raising $12m in 2009’s C round.
Bill Ericson, general partner at Mohr Davidow Ventures and a member of the RainDance board of directors, said: “Myriad’s strategic investment validates RainDance as an emerging leader in genetics research, positioning the company to build substantial value in the new era of personalized diagnostic medicine.”
Myriad said it would use RainDance technology for its gene-sequencing test for hereditary cancer.
It declined to comment on any potential connection between the equity investment and announcement that Myriad would use RainDance’s technology for genetic testing.
The company’s spokesman also…
