ChromaCode, Inc., a Carlsbad, Calif.-based molecular diagnostics company, secured $28m in Series C financing.
The round was 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. In conjunction with the funding, Pat Smerkers of Northpond has joined the Board of Directors.
The company intends to use the funds to accelerate development of its novel HDPCR™ products for digital PCR and real-time PCR platforms; expand partnerships with companies in molecular infectious disease, reproductive health and precision medicine for oncology; and support commercialization of its new multiplexed products for multi-drug resistance and tick-borne pathogens.
Led by Chief Executive Officer Greg Gosch, ChromaCode leverages High-Definition Polymerase Chain Reaction (HDPCR™) software and reagent technology that uses digital signal processing to improve clinical molecular analysis.
The company’s core of data scientists and molecular biologists leverage patented mathematical methods and algorithms to extract new information from biochemistry reactions to increase the performance capabilities of molecular diagnostics platforms at a very low cost.