OVP participates in Complete Genomics $45 million round |
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OVP participates in Complete Genomics $45 million round
OVP Venture Partners continues to invest in large financing deals in companies located outside the Seattle area. The latest for the Kirkland venture firm is Complete Genomics, a Mountain View, Calif.-based company that today announced $45 million in new funding.
The deal was led by Essex Woodlands Health Ventures and OrbiMed Advisors, though existing investors such as OVP and Prospect Venture Partners also joined in.
Complete Genomics is in the process of building the world’s largest commercial human genome sequencing center in Silicon Valley, a facility that the company says will open in January with a goal of sequencing 10,000 human genomes next year. The company wants to sequence genomes for $5,000, a move that Xconomy's Luke Timmerman reports could be "an astounding leap forward in democratization of genome sequencing" since only a "handful" of genomes have ever been sequenced.
The company has other ties to Seattle beyond its connections to OVP. Last fall, it entered into an agreement with the Institute for Systems Biology.
“Using Complete Genomics human genome sequencing services to gather population-wide human genetic data will allow us to gain a more complete understanding of the genetic components and molecular processes of diseases in order to better manage, treat and prevent human disease and better understand human health,” said the ISB's Dr. Leroy Hood at the time of the partnership.
Complete Genomics is a little behind schedule in meeting those goals. Clifford Reid, the CEO Complete Genomics, said in the release that the deal took six months longer than they originally planned. The financing also comes just a few days after another DNA sequencing startup, Pacific Biosciences, raised $68 million.
OVP has been very active as of late. In the past 10 days, the firm has participated in the $14 million funding of Boston materials science company Novomer and the $11 million round for Hillsboro, Oregon semiconductor company.
Last month, OVP led a $15 million round for South San Francisco biotech company Limerick BioPharma.
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