Paragon Genomics, a Hayward, Calif.-based life science company, raised $8m in Series A funding.
The round was led by Cowin Venture Capital and Fosun Industrial Co., with participation from Cloudstone Venture, HEDA Ventures, and Wisemont Capital.
Led by Tao Chen, CEO and co-founder, and Dr. Zhitong Liu, Co-founder, President and CTO, Paragon Genomics has developed CleanPlex(TM) technology, which has proven advantages when dealing with low DNA input and degraded samples. It has been adopted by more than 50 NGS labs globally including groups from the University of California, USDA, CDC, Chinese Academy of Sciences and Annoroad Gene Technology.
The company intends to use the funds to develop additional Next-Generation Sequencing assay products, particularly in the oncology and precision medicine space, expand its United States commercial team and its presence into Europe, Asia and South America via partnerships and distributorships.