Caltech-founded ChromaCode has now raised $42.6m in all for its molecular diagnostics technology business.
ChromaCode, a US-based molecular diagnostics technology spinout of Caltech, secured $28m of series C capital on Tuesday from investors including the institute.
Caltech was joined by VC firm Northpond Ventures, which led the round, as well as Windham Ventures, Moore Venture Partners, New Enterprise Associates, Domain Associates and Okapi Ventures.
Founded in 2012, ChromaCode is developing a molecular analytics platform that combines algorithm-powered software with real-time polymerase chain reaction assays to enhance sample processing in precision medicine settings.
The approach, dubbed High-Definition Polymerase Chain Reaction (HDPCR), is intended to improve molecular diagnostic performance and, by reducing costs, could also help spur greater adoption of the technology.
The series C capital will help develop HDPCR as well as a multiplex diagnostics range, building up industry partnerships in areas including infectious disease, reproductive health and oncology.
Pat Smerkers, director of finance and operations at Northpond Ventures, has joined the company’s board of directors.
NEA led ChromaCode’s $12m series B round in early 2017 with contributions from Okapi Ventures and Domain Associates, which had previously led a series A of undisclosed size in 2015, according to the Journal of Precision Medicine.
Xconomy reported ChromaCode had raised $2.6m ahead of the series B round, and identified Okapi Ventures as an existing backer.
– This article was updated on January 6 to include additional information about Pat Smerkers.
