10X Genomics has raised $55.5 million in its Series B financing, in round led by Foresite Capital Management. Also participating were the Series A lead, Venrock, as well as new and existing investors, including Paladin Capital Group and funds managed by Morgan Stanley Investment Management. To date, the company has raised a total of more than $80 million.
“10X Genomics’ innovative, orthogonal approach makes use of the current installed base of sequencers to fulfill the promise of Next Generation Sequencing,” said Bryan Roberts, Partner at Venrock. “The company has made amazing progress and, in 2015, will allow customers to realize a decade’s worth of promises based on fundamentally and holistically advancing the field of sequencing.”
10X Genomics is commercializing a new genomics platform that wants to change the definition of sequencing. The company’s platform complements and upgrades existing short read sequencers to deliver long-range contextual information, including haplotyping, structural variation, and de novo assembly.
10X Genomics is led by founder and CEO Serge Saxonov, PhD, a founding architect of 23andMe, along with the company’s other founders, CSO Ben Hindson, PhD, and CTO Kevin Ness, PhD, all of whom previously were senior executives at Quantalife. Along with Chairman John Stuelpnagel, DVM, a co-founder and the first CEO of Illumina, the company has assembled a management team of seasoned veterans of the genomics and sequencing industries.