PROVIDENCE – Rhode Island-based genome-mapping firm Nabsys Inc. has closed a $25 million round of funding from Hitachi High-Technologies Corp., a Japanese company that has provided a previous round of funding for Nabsys.
Nabsys said Wednesday that the funding will be used to complete development and commercialization of the second-generation of its high-definition mapping platform while hiring more personnel in research and development, manufacturing and global commercial operations. The deal will provide an additional $13 million in funding when Nabsys reaches certain milestones, the company said.
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito…
Learn More
“Our first-generation [high-definition mapping] instruments have been in customers’ hands for over a year now and have been very well-received,” Nabsys CEO Dr. Barrett Bready said in a statement. “We are excited to capitalize on the highly scalable nature of our high-speed, single-molecule, electronic detection to increase throughput and expand the application space.”
Bready formed the company in 2007 but later stepped away and a new CEO, Steve Lombardi, arrived in 2014. Nabsys then closed in 2015. The company reopened a month later, once again under Bready’s leadership, following a restructuring.
In 2019, Hitachi provided $21 million in funding for Nabsys.
“Hitachi High-Tech has had a long-standing interest in the analysis of human structural variation and has been in search of a technology to meet the significant market need,” said Tsuyoshi Ogino, general manager of Hitachi High-Tech America Inc.’s Molecular Research & Diagnostics Division. “We believe the Nabsys HDM platform is the ideal solution for that important unmet need.”
