Nabsys, a gene-sequencing startup, has reportedly secured $20 million in a Series D financing round. The Providence, Rhode Island-based company says the money will be used to develop and commercialize its solid-state electronic systems for single-molecule DNA sequencing and analysis. The round was led by new investor Bay City Capital, along with previous investors including Point Judith Capital and Stata Venture Partners, according to a company news release.
“We are delighted to welcome Bay City Capital, with its deep experience working with life sciences companies, to our existing investor group,” said Nabsys CEO Barrett Bready. “Nabsys is at an important transition point as we prepare for commercial launch. This Series D financing will enable us to build a commercial organization that will support launch. Also, because of the scalability of our single-molecule, solid-state, electrical detection technology, we will be able to significantly expand our initial assays and commercialize additional research and diagnostic applications,” he added. See Nabsys Press Release, March 13, 2013.