Seattle-based biotech company Stratos Genomics has raised another $15 million to complete a $30 million Series B round.
Founded in 2007, Stratos Genomics is a spin-off of Seattle-based Stratos Group. The company builds technology called Sequencing By Expansion, or “SBX,” which converts DNA into more easily-read polymer, making it cheaper and faster to sequence DNA.
Stratos Genomics achieved a “major milestone” last month when it demonstrated nanopore sequencing with its proprietary expandable nucleotides.
“One year ago, we set a challenging goal to sequence X-NTP based Xpandomers in a nanopore prior to June and we accomplished it,” Stratos Genomics President Mark Kokoris said in a statement. “With the fundamental processes in place, our focus is now on optimizing for commercial level performance.”
Previous investors in the earlier Series B round participated again in the additional financing, with Roche Ventures investing $10 million and Fisk Ventures with another $5 million. The fresh funding will be used to scale up the company’s chemistry for commercial production and for development of its DNA reader technologies.
Total funding for Stratos Geomics is now more than $40 million to date.