PROVIDENCE — The life sciences firm NABsys Inc. today announced that it has raised $4 million from a group of investors led by Providence-based early-stage venture capital firm Point Judith Capital.
Other previous NABsys investors, including the quasi-public Slater Technology Fund, also participated in the funding round.
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NABsys is developing a new electronic, solid-state approach to DNA sequencing that combines physical and biochemical methods and would be drastically cheaper than what is presently available. The company said it would use the latest round of funding to continue that research, which was developed at and licensed from Brown University.
“The technological advantages that the NABsys platform enjoys, namely electronic detection, the use of all solid-state materials, lack of dependence on a polymerase, inherent error checking, and long-range sequence information, will allow the technology to offer clinically relevant cost, speed, and accuracy parameters for whole-genome sequencing,” said Dr. Barrett Bready, NABsys’ president and CEO.
Dr. Gina Raimondo, a general partner at Point Judith Capital who has joined NABsys’ board of directors, said: “The NABsys approach combines the advantages of electronic detection, solid-state fabrication, and the ability to directly obtain long-range sequence information. We believe this will be a game-changing technology in the field of genomics.”
In the past, NABsys has also been the recipient of grants from the Research Alliance program at the R.I. Science and Technology Advisory Council and the National Institutes of Health’s National Human Genome Research Institute.
In addition, Bready and NABsys were recently featured in a video report by The Economist magazine.
Last October, a corporation controlled by Bready purchased the former Old Stone Bank building on South Main Street in Providence from Brown University for $2.14 million.
Additional information is available at NABsys.com.
