ChromaCode Secures $28M Series C Funding to Advance HDPCR Platform for High-Plex Molecular Diagnostics

VCBeat (WeChat ID: vcbeat) learned from foreign media that on December 17, 2019, local time, molecular diagnostics company ChromaCode announced the completion of a $28 million Series C financing round. The round was led by Northpond Ventures, with participation from new investors Windham Ventures, Moore Venture Partners, and the California Institute of Technology, as well as existing investors New Enterprise Associates (NEA), Domain Associates, and Okapi Ventures.

Following the completion of this round of financing, Pat Smerkers of Northpond Ventures will join the board of directors of ChromaCode.

ChromaCode plans to use these funds to accelerate the development of its new HD-PCR products for digital PCR and real-time PCR platforms, expand the company’s partnerships with firms in molecular infectious diseases, reproductive health, and precision oncology, and support the commercialization of its novel products targeting multidrug-resistant and tick-borne pathogens.

ChromaCode, founded in 2012 and headquartered in Carlsbad, California, is a molecular diagnostics company. The company’s HDPCR (High-Definition Polymerase Chain Reaction) is a software and reagent technology that combines widely used, low-cost chemistry with ChromaCode’s proprietary data science algorithms to extract novel information from biochemical reactions using mathematical principles and algorithms.

HDPCR can be seamlessly integrated into standard real-time and digital PCR platforms, enabling the development of enhanced multiplexing capabilities for applications targeting 5 to 50 analytes without requiring any hardware modifications. This approach significantly improves the performance of current molecular diagnostic platforms at a very low cost.

Pat Smerkers stated, “ChromaCode has a compelling approach that leverages digital signal processing algorithms for clinical diagnostics. We believe this is a unique and powerful method that simultaneously enhances clinical information and significantly reduces costs.”

Carol Gallagher of NEA added, “Technologies that drive the advancement of cutting-edge science typically enter the market at higher prices. ChromaCode is a rare technology that simultaneously advances scientific capabilities and reduces costs; their approach offers an unprecedented opportunity to address the emerging demand for more comprehensive clinical diagnostic tools in a highly cost-effective manner.”

ChromaCode CEO Greg Gosch stated, “We thank our investors for their support. Our goal is to ensure patients receive the right treatments through smarter, more affordable diagnostic methods, thereby making precision medicine accessible to a broader patient population.”

Northpond Ventures, founded in 2018 and headquartered in Bethesda, Maryland, USA, is a venture capital firm primarily investing in life sciences technologies and related fields.

Windham Ventures, founded in 2006 and headquartered in New York, USA, is a venture capital firm focused on investments in the healthcare sector.

Moore Venture Partners, established in 2010 and headquartered in California, USA, is a traditional venture capital fund that invests in technology and life sciences companies at the early, growth, and expansion stages.

(Compiled by He Li)