NanoString scores $30 million |
Connect with TechFlash on our Facebook page for all the latest technology news headlines and commentary, plus information and access to special events, photos from events, promotions and more.
It took some time. But NanoString Technologies has attracted a whopping $30 million -- one of the largest venture capital deals in Washington state this year. The financing was led by Clarus Ventures of Boston, with OVP Venture Partners and Draper Fisher Jurvetson also participating.
With this round, total financing in the company now stands at about $48 million.
Interim CEO Wayne Burns said the company has been seeking funds for "quite awhile." And while he described the venture financing process as "difficult," Burns said things heated up after NanoString customers provided a ringing endorsement of the technology to Clarus.
"We had some customers that spoke to the VC and were very enamored with the technical results that they were getting from the system, and that was really a catalyst," said Burns, who declined to discuss valuation terms.
With the new cash, which will be provided in two tranches, NanoString plans to boost hiring from 43 workers to as many as 60 or 70 this year, Burns said. It also plans to recruit a CEO following the departure of H. Perry Fell, who remains chairman of the board.
The company plans to use some of the funds to explore opportunities outside the gene expression arena, though Burns didn't elaborate on those.
Founded in the labs of noted scientist Leroy Hood, NanoString has developed tools to help researchers more cost effectively look at patterns in genes that could lead to certain clues on how diseases form. The core technology -- which consists of an imager and other instruments at a cost of as much as $250,000 -- allows researchers to identify a number of genes at once.
"In a single sample, we can look at up to 550 genes and do it with high sensitivity," said Vice President of Marketing Lianne McLean. That contrasts with other systems which can only look at one gene per sample with high accuracy, McLean said. Competitors include Life Technologies -- formed through the merger of Applied Biosystems and Invitrogen -- and Affymetrix.
Burns declined to say how many customers they have, though he said "we are meeting our plan." It has installed systems in Europe, Japan and North America, with customers such as the Broad Institute of MIT and Harvard; Regulus Therapeutics; and The Sylvester Comprehensive Cancer Center at Miami University.
The NanoString technology is also being used outside of the biotechnology realm, specifically in agricultural sciences and alternative energy. In those cases, Burns said that researchers are using the tools to determine why plants may grow larger or produce greater yields.
As part of the funding round, Clarus Managing Director Nicholas Galakatos will join the board. In a press release, he said the scientific community has enthusiastically embraced the products.
“We believe that NanoString Technologies has the best-in-class platform for expression profiling," he said.
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.
Who's creating today's energy efficient buildings? Find out at the BetterBricks Awards, Feb. 16
BetterBricks Awards salute the individuals leading the way for high performance commercial buildings with an emphasis on energy efficiency. Join us as we recognize these standout green building professionals.
Award categories include: Advocate; Architect/Designer; Facility Manager/Operator; and Owner/Developer.
Keynote Speaker: Kevin Kampschroer, Director of U.S. GSA's Office of Federal High Performance Buildings. Kevin leads the U.S. General Services Administration's efforts in building sustainability and accelerating industry adoption of sustainable principles across all aspects of a building's life.
Register here by February 10!
If you are interested in buying a table, email Monica Alquist or call her at 206-876-5404.
The Triple Door Presents: The Atomic Bombshells "J'ADORE!: A Burlesque Valentine"
Seattle's reigning Burlesque super-troupe delivers a gorgeous and glittering VALENTINE featuring some of the Bombshells' most exhilarating acts to date. J'Adore! promises to celebrate l'amour with good humor, style, and a healthy dose of dazzle! Bring a friend, a lover, a family member, or a secret crush, and celebrate with the Valentine's Burlesque spectacular that will leave you shouting: "J'ADORE......The Atomic Bombshells!" The incomparable Jasper McCann emcees with high style and charm.
Please visit www.thetripledoor.net for a full schedule of future performances.
The Triple Door Presents: Bob Mould – See A Little Light: An Evening of Reading and Music
"Bob Mould. Those two words are synonymous with integrity. From Husker Du in the last century to right at this moment, Bob is the real deal, writing and playing music for music's sake. He's a great songwriter and performer. I have been a fan of Bob's for thirty years now with no end in sight." -Henry Rollins
Please visit www.thetripledoor.net for a full schedule of future performances.
Why Choose BDO for your SOC (previously SAS 70) Reports?
BDO’s experience in providing attestation services (SAS 70/SSAE 16, AT 101, AT 201, AT 601, etc.) to a broad range of industries, and our team of skilled professionals distinctly qualifies us to serve as your company’s Service Auditor. By leveraging the BDO global network of control specialists, we are poised to provide global services in more than 1,000 offices and across 119 countries. Many organizations find that investing in reports on controls may result in benefits, including:
• Increased client confidence
• Improved competitive advantage
• Minimization of frequent audits
• Streamlined business processes and controls
• Enhanced risk management
For detailed information contact Paul Martini at pmartini@bdo.com.