Hillhouse Capital and Chinese healthcare-focused investment firm Decheng Capital have led a US$60 million series B found in San Diego-based DNA sequencing platform developer Omniome, Inc.
New investors including Lam Research Capital, Nan Fung Life Sciences, and existing investors including ARCH Venture Partners, Domain Associates, Biomatics Capital Partners and Altitude Life Science Ventures, also participated in the round, according to Omniome’s announcement.
Founded in 2013, Omniome develops a DNA sequencing platform with its Sequencing By Binding™ (SBB™) technology.
It claims that the technology provides enhanced precision of nucleotide and DNA matching by leveraging the natural matching ability of the polymerase, decreasing runtimes and increasing the number of samples per run. By focusing on the binding event, the SBB technology is able to provide high precision of nucleotide and DNA matching by leveraging the polymerase’s natural matching ability.
It says the accuracy of this sequencing approach has the potential to advance cancer diagnostics, and broadly enable clinical sequencing – even in regions of the genome prone to sequencing errors.
Proceeds of this round will be used to expand its team, especially R&D talents. The company will also continue to optimize its sequencing technology while accelerating prototype development of commercially-impactful sequencing platforms.
Omniome raised an undisclosed series A round in 2016.
Hillhouse Capital’s recent healthcare investments include a US$230 million series B preferred stock financing in San Diego-based biopharmaceutical firm Gossamer Bio, a US$35 million series B+ round in antibody and recombinant protein biotherapeutics firm Hangzhou Just Biotherapeutics (HJB).