ChromaCode, Inc., a molecular diagnostics company, announced it has secured $28 million in Series C financing. The round was led by Northpond Ventures, a global firm dedicated to science and technology headquartered in Bethesda, Maryland. Also participating were new investors Windham Ventures, Moore Venture Partners and the California Institute of Technology; and existing investors New Enterprise Associates (NEA), Domain Associates and Okapi Ventures. Pat Smerkers of Northpond has joined the Board of Directors.
Proceeds from the financing will be used to accelerate the development of novel HDPCR™ products for digital PCR and real-time PCR platforms; expand partnerships with leading companies in molecular infectious disease, reproductive health and precision medicine for oncology; and support commercialization of ChromaCode’s new multiplexed products for multi-drug resistance and tick-borne pathogens.
“ChromaCode has a compelling method of using digital signal processing algorithms, like those used in the technology sector, for clinical diagnostics. We see this as a uniquely powerful approach to simultaneously increase clinical information and decrease expense in this performance-driven, cost-conscious sector,” said Pat Smerkers.
NEA’s Carol Gallagher added, “Technologies that advance the state-of-the-art typically enter the market at a higher price point. ChromaCode is the rare case of a technology that simultaneously advances the science and reduces cost. Their approach provides an unprecedented opportunity to respond to emerging demands for more comprehensive clinical diagnostic tools in an extraordinarily cost-efficient manner.”
“We’re grateful for the ongoing support of our investors and welcome Northpond, Windham, MVP, and Caltech. Our goal is to ensure patients get connected to the right treatment through smarter and more affordable diagnostics – to democratize precision medicine. We’re excited to provide powerful diagnostic tools in a format and price that can be universally adopted by instrument partners and end-users,” said ChromaCode Chief Executive Officer, Greg Gosch.