Menlo Park-CA-(Sep 27, 2016) – Quantapore Inc. today announced that it has closed a Series C financing round, led by China BioPharma Capital I, a venture capital fund advised by TVM Capital Life Science via its Hong Kong based office. Details of the financing were not disclosed.
Quantapore Inc. is developing a novel, single molecule sequencing technology that will significantly reduce the cost of sequencing. Unlike other nanopore approaches, Quantapore utilizes an optical read out which results in lower cost and higher throughput compared to electrical data acquisition. The company’s proprietary sequencing technology will also eliminate other bottlenecks associated with today’s sequencing technologies, namely laborious sample preparation and short read length.
“Quantapore has achieved key milestones in the past 12 months. Sequencing results are very promising and we’re well on our way to a commercial product,” said Quantapore’s CEO Martin Huber. “We are very pleased to have won a new investor which will give us access to the global network of TVM Capital Life Science which will accelerate our business development efforts.”
The global next generation sequencing (NGS) market is anticipated to reach USD 14.0 billion by 2024, according to a report by Grand View Research, Inc., from June 2016. Growing adoption of next generation sequencing techniques for prognosis and treatment monitoring of different chronic diseases such as cancer and other pathogenic infections is one of the high impact rendering driver for progress in this industry.
Mirko Scherer, Managing Partner of TVM Capital China Ltd., Hong Kong, will join the Board of Quantapore. He comments: “While the NGS market has been growing rapidly in the past few years, current technologies still have serious limitations such as long sample preparation times, short read length, low throughput, and high costs. We think that Quantapore’s highly innovative nanopore based technology with optical read outs can address several of those limitations. The company is poised to generate a wealth of exciting data within the next 12 months and we are excited to support Martin and his highly experienced technical team in the future to further develop this cutting edge technology for the NGS market.”
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About Quantapore Incorporated
Quantapore Inc. is a biotechnology company focused on the development and commercialization of an ultra low-cost, high-throughput DNA sequencing platform. Based in Menlo Park, CA, the company was founded in 2009 and is well on its way to the commercialization of its novel sequencing platform. The combination of low cost, long reads, simple workflow and fast sample to result turnaround time holds the promise to make Quantapore Inc. one of the world’s leading sequencing system providers.