The company will use proceeds from the extension round to support global expansion and continued development of ChromaCode's high-definition PCR platform (HDPCR), through which the company recently launched a high-throughput SARS-CoV-2 Assay
Fremont, CA: Molecular testing firm ChromaCode raised USD 10 million in a Series C extension round led by Adjuvant Capital. The investment by Adjuvant Capital takes the company's total raised capital from the Series C funding round to USD 38 million. The initial Series C round raised USD 28 million, led by Northpond Ventures with participation from 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. Jenny Yip, Managing Partner at Adjuvant Capital, will join ChromaCode's board of directors as part of the investment.
"Real-time PCR is the standard for infectious disease testing, with instruments in use in most laboratories around the globe. The COVID-19 pandemic has intensified the need to leverage this workhorse technology," said Adjuvant's Jenny Yip. "We're excited to work with ChromaCode and support their unique ability to offer affordable, high-throughput assays for diseases of global importance on PCR platforms. We believe ChromaCode's platform will help reduce healthcare costs and improve health outcomes for communities that are resource-challenged in both the developing and developed world."
The company will use proceeds from the extension round to support global expansion and continued development of ChromaCode's high-definition PCR platform (HDPCR), through which the company recently launched a high-throughput SARS-CoV-2 Assay. With this investment, Adjuvant Capital joins ChromaCode's existing investors Northpond Ventures, New Enterprise Associates (NEA), Domain Associates, Windham Ventures, Okapi Ventures, Moore Venture Partners and the California Institute of Technology.
"We are excited to welcome the Adjuvant team and look forward to collaborating with them to deploy our platform wherever it is needed most - including addressing some of the most critical needs in resource-limited communities around the globe." Adjuvant is known for investing in companies to accelerate new technology development for the world's most pressing public health challenges and is backed by leading healthcare investors such as the Bill & Melinda Gates Foundation, the International Finance Corporation, and Novartis. The company aims to drive meaningful improvements in the public health of low- and middle-income countries, focusing on neglected, high-burden and emerging infectious diseases, pandemic threats, and maternal and child health.
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