ChromaCode Raises $12 Million in Series B for Commercial Launch and Appoints Alex Dickinson as Executive ChairApril 27, 2017
CARLSBAD, Calif., April 27, 2017 /PRNewswire/ -- ChromaCode, Inc., a molecular diagnostics company, today announced it has raised $12 million in Series B funding. This latest round is led by New Enterprise Associates (NEA) with participation from existing investors Domain Associates, who led the Company's Series A round in 2015, and Okapi Ventures.
The funding will be used to fuel development and establish the commercial infrastructure for ChromaCode's High-Definition Polymerase Chain Reaction technology (HDPCR™). This software and assay technology leverages existing real-time PCR instruments and uses digital signal processing to dramatically improve molecular analysis.
The company also appointed co-founder Alex Dickinson, Ph.D., as Executive Chairman. Dr. Dickinson joins the company from Illumina, where he was senior vice president of strategic initiatives and had prior responsibility for Illumina's cloud genomics and PCR initiatives. NEA Partner Justin Klein, M.D. will be joining the Board of Directors.
"At NEA we see emerging synergies in information technology and healthcare, two of our largest investment areas," said NEA's Justin Klein. "ChromaCode has strategically positioned itself very well at the crossroads of these two sectors. Their insightful application of digital signal processing to extract heretofore untapped information from clinical testing instruments has immense potential. Their strategy has the unique ability to simultaneously improve clinical data analysis and reduce healthcare costs."
Jim Blair, Ph.D., from Domain Associates added, "We were intrigued by the ChromaCode technology when it emerged from Caltech two years ago and have seen the team make rapid progress over the past eighteen months. Their proprietary solution has the ability to dramatically improve the efficiency and comprehensiveness of molecular diagnostics testing, and to do so in a massively scalable way."
"Next-generation sequencing (NGS)-based research has delivered a vast array of genetic markers for a multitude of diseases. However, the high cost, complexity and scarcity of NGS has limited the clinical impact of this work," said Alex Dickinson, ChromaCode's new executive chairman. "ChromaCode's HDPCR™ enables multiplexed tests on the qPCR instruments that are used every day in all the world's molecular diagnostic labs, enabling universal access to leading-edge diagnostics. I'm thrilled to be joining the team to pursue this vision."
"We're excited to have Justin join the Board and are very enthusiastic about Alex accepting a broader role as executive chair. We're confident this will be a significant catalyst to achieving our strategic ambitions," noted ChromaCode's CEO, Greg Gosch.
ChromaCode is a molecular diagnostics company with a bioinformatics focus and pedigree from Illumina, Google[x], Luminex, and Caltech. We leverage patented mathematical methods and algorithmic enhancements to enrich signal processing from the most popular life science instrumentation. We are using this to extract new information on biochemistry reactions and substantially increase the performance capabilities of today's gold-standard biochemical assays at a very low cost. www.chromacode.com.
About New Enterprise Associates
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With nearly $17 billion in cumulative committed capital since inception, NEA invests in technology and healthcare companies at all stages in a company's lifecycle, from seed stage through IPO. The firm's long track record of successful investing includes more than 200 portfolio company IPOs and more than 320 acquisitions. www.nea.com.
About Domain Associates
Founded in 1985, Domain was one of the first venture capital firms to exclusively invest in the life sciences sector. Today, with more than $2.7 billion in capital raised, Domain has been a trusted partner in life sciences investing helping more than 260 companies develop novel medical products to advance human health. www.domainvc.com.
About Okapi Ventures
Founded in 2005, Okapi Venture Capital invests in seed and early stage life sciences and information technology companies. The fund has a southern California and Orange County focus, and currently has $46 million under management. www.okapivc.com.
SOURCE ChromaCode, Inc.