PROVIDENCE – NABsys Inc., a life sciences startup developing a new approach to DNA sequencing, said Wednesday it has closed on a $7 million round of Series B funding led by a Massachusetts private equity firm.
The investment round was led by Dover, Mass.-based Stata Venture Partners. In connection with the investment, Stata Venture’s Raymond S. Stata, founder and chairman of the Fortune 1,000 semiconductor firm Analog Devices Inc., joined NABsys’ board of directors.
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NABsys said it will use the money to continue developing its “proprietary DNA sequencing platform, which leverages semiconductor technology to achieve the scope and scale required for full integration of genomics into medicine.”
NABsys CEO Dr. Barrett Bready – who The Economist magazine interviewed last year for a video on the future of Rhode Island’s economy – said Stata’s expertise as a semiconductor pioneer would help NABsys move toward commercialization.
“NABsys represents the merger of two industries which, until now, have been quite disparate: semiconductors and genomics,” Stata said in a statement. “I’m looking forward to working with the company’s leadership team and helping them commercialize what we believe will be a significant breakthrough in making DNA sequencing clinically relevant and widely available.”
NABsys has raised a total of $11 million in its first two equity rounds. Last May, the company closed on a $4 million Series A funding round led by the Providence-based venture firm Point Judith Capital Partners LLC. Point Judith also participated in the latest round.
Another Series A investor was the Slater Technology Fund, Rhode Island’s state-financed venture capital firm, which has invested a total of $725,000 in NABsys, the fifth-most any company has received from Slater since its creation in 1997.
NABsys moved its offices from the Slater Fund’s biotechnology incubator center in Richmond Square to a facility in the Jewelry District last December. The company had 12 employees at the end of last year, according to Slater.
Additional information is available at nabsys.com.
