Quantum Biosystems, a Japan-based life sciences firm founded in 2013, has secured ¥2.4 billion ($20.5m) in a venture round backed by Tokyo University.
The institution made its investment through its venture arm, Edge Capital. Also joining the round were state-backed Innovation Network Corporation of Japan, private equity firm Jafco, Mizuho Capital, and Mitsubishi UFJ Capital, the corporate venture capital arm of conglomerate Mitsubishi.
The company is developing genome sequencing equipment to compete with similar platforms developed by pharmaceutical firm Roche. Both are looking to create a machine that can sequence DNA both quickly and be cost effective.
Quantum is looking to set up a Silicon Valley-based research facility to work alongside its current Osaka-based lab, with the goal of commercialising a device by 2017 and hold an initial public offering a year later.
Toshihiko Honkura, CEO at Quantum, said: “Faster and cheaper DNA sequencing is vital to help produce the best cancer drugs for each individual. It would be able to sequence DNA of bacteria in soil, helping farmers identify the crop types and ways of farming best suited for each plot of the farmlands.”
