ChromaCode Raises $12 Million in Series B Funding for Commercial Launch and Appoints Alex Dickinson as Executive Chair
ChromaCode, Inc., a molecular diagnostics company, announced it has raised $12 million in Series B funding. This latest round is led by New Enterprise Associates (NEA) with participation from existing investors Domain Associates, who led the Company’s Series A round in 2015, and Okapi Ventures.
The funding will be used to fuel development and establish the commercial infrastructure for ChromaCode’s High-Definition Polymerase Chain Reaction technology (HDPCR™). This software and assay technology leverages existing real-time PCR instruments and uses digital signal processing to dramatically improve molecular analysis.
The company also appointed co-founder Alex Dickinson, Ph.D., as Executive Chairman. Dr.Dickinson joins the company from Illumina, where he was senior vice president of strategic initiatives and had prior responsibility for Illumina’s cloud genomics and PCR initiatives. NEA Partner Justin Klein, M.D. will be joining the Board of Directors.
“At NEA we see emerging synergies in information technology and healthcare, two of our largest investment areas,” said NEA’s Justin Klein. “ChromaCode has strategically positioned itself very well at the crossroads of these two sectors. Their insightful application of digital signal processing to extract heretofore untapped information from clinical testing instruments has immense potential. Their strategy has the unique ability to simultaneously improve clinical data analysis and reduce healthcare costs.”
Jim Blair, Ph.D., from Domain Associates added, “We were intrigued by the ChromaCode technology when it emerged from Caltech two years ago and have seen the team make rapid progress over the past eighteen months. Their proprietary solution has the ability to dramatically improve the efficiency and comprehensiveness of molecular diagnostics testing, and to do so in a massively scalable way.”
“Next-generation sequencing (NGS)-based research has delivered a vast array of genetic markers for a multitude of diseases. However, the high cost, complexity and scarcity of NGS has limited the clinical impact of this work,” said Alex Dickinson, ChromaCode’s new executive chairman. “ChromaCode’s HDPCR™ enables multiplexed tests on the qPCR instruments that are used every day in all the world’s molecular diagnostic labs, enabling universal access to leading-edge diagnostics. I’m thrilled to be joining the team to pursue this vision.”
“We’re excited to have Justin join the Board and are very enthusiastic about Alex accepting a broader role as executive chair. We’re confident this will be a significant catalyst to achieving our strategic ambitions,” noted ChromaCode’s CEO, Greg Gosch.