Princeton University licensee BioNano raises $53m in series C.
US-based genome mapping technology developer BioNano Genomics closed a $53m series C round including Battelle Ventures, the venture capital subsidiary of non-profit research firm Battelle Memorial Institute.
Battelle Ventures, and its affiliate fund, Innovation Valley Partners (IVP), have a combined $255m under management and said they have “close relationships with the technology transfer offices of the National Laboratories that Battelle Memorial Institute (Battelle) manages or co-manages for the US Department of Energy”.
The corporate venturing units of conglomerate China-based Legend Holdings and1 Switzerland-based pharmaceutical company Novartis co-led the round and were joined by as well as Federated Kaufmann Fund, Monashee Investment Management, Domain Associates and Gund Investment Corporation.
BioNano, which is using technology licensed from Princeton University, has created a systematic approach to detect long-range genomic information that could eventually help treat illnesses such as cancer. It will use the funding to accelerate the commercialisation of its BioNano’s Irys platform, and to begin work on its next generation of platforms.
The company has now raised approximately $113m in debt and equity since it was founded in 2008 as BioNanomatrix, according to regulatory filings. Past investors also include KT Venture Group, the corporate venturing subsisiary of semiconductor equipment producer KLA-Tencor.
Darren Cai, an executive director at Legend Capital, and Campbell Murray, a managing director at Novartis Venture Fund, joined BioNano’s board in conjunction with the funding.
Editor’s note: A version of this article was first published by our sister title, Global Corporate Venturing.
