Nabsys Raises $25 Million Equity Round
Funding will fuel further development and commercialization of Nabsys’ second-generation High-Definition Mapping platform.
PROVIDENCE RI (April 13, 2022) Nabsys, the pioneer in electronic whole-genome mapping, announced today that it has closed on $25 million in funding with strategic partner Hitachi High-Tech Corporation. The deal also provides for an additional $13 million upon achieving certain milestones.
The funding will be used to complete development and commercialization of the second-generation of its High-Definition Mapping™ (HDM™) platform. The company will increase headcount in R&D, manufacturing, and global commercial operations.
“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, Molecular Research & Diagnostics Division at Hitachi High-Tech America, Inc., and Nabsys board member. “We believe the Nabsys HDM platform is the ideal solution for that important unmet need.”
Barrett Bready, M.D., Nabsys founder, and CEO said Hitachi High-Tech’s investment will help enable Nabsys to make the analysis of genome-wide human structural variation widely available, accurate, and cost effective.
“Our first-generation HDM instruments have been in customers’ hands for over a year now and have been very well-received,” said Bready. “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.”
Structural Variation Challenges:
In the past decade, scientists have determined that structural variants (SVs) account for the majority of human genomic variation. However, SV research has been limited due to relatively high cost, high computational burden, and inadequate performance of current tools. Long-read technologies are expensive and lack sufficient read-length, while optical mapping technologies have inherent limitations in resolution.
Nabsys HD-Mapping Solution:
Nabsys is the pioneer in high-definition electronic genome mapping. By employing electronic detection, HD-Mapping can offer cost-effective hardware and consumables while delivering high-resolution single-molecule measurements. The Nabsys HDM platform makes long-range structural information accessible to every laboratory.
The Nabsys mission is to advance the understanding of disease, increase diagnostic yield, and improve patient outcomes by enabling routine, accurate, cost-effective analysis of genomic structural variation. Located in Providence, RI, Nabsys employs a growing interdisciplinary group of dedicated scientists, engineers, and other professionals committed to the advancement of genomic analysis.
About Hitachi High-Tech:
Hitachi High-Tech Corporation, a wholly-owned subsidiary of Hitachi Ltd., headquartered in Tokyo, Japan, is engaged in activities in a broad range of business fields, including manufacture and sales of analytical systems, electron microscopes, in vitro diagnostic systems, and semiconductor manufacturing equipment, and providing high value-added solutions in fields of social & industrial infrastructures and mobility, etc.
Brian Paras VP, Commercial Development