IntegenX, a developer of rapid human DNA identification technology and DNA sequencing library preparation systems, has secured $40m in Series C funding from a consortium of investors led by Essex Woodlands, a Palo Alto-based healthcare venture capital and growth equity firm.
The firm joined existing investors Domain Associates, QuestMark Partners, Greenspring Associates, Cross Creek Capital, RONAholdings, Samsung Ventures, and strategic partner In-Q-Tel.
The company has said it will use the funding to accelerate development of its product pipeline and the commercialisation of its RapidHIT 200 Human Identification System into domestic and international markets. Industry observers expect the product to create a new market for rapid analysis of human DNA for real-time biometric identification, the company said in a statement.
Ronald Eastman, a managing director at Essex Woodlands, said, “The management team at IntegenX has an impressive development and commercial track record. We believe that these qualifications coupled with a competitive position in a disruptive technology provide a foundation from which IntegenX can become a leader in rapid human DNA identification.”
With $2.5bn under management, Essex Woodlands is one of the largest and oldest healthcare-focused venture capital and growth equity firms pursuing investments in pharmaceuticals, biotechnology, medical devices, healthcare services, and health information technology.
In September the firm also led a $22m Series B equity investment in US-based BreatheAmerica, which develops and manages centres for patients suffering from allergies, sinusitis and asthma as well as diseases related to the immune system.
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