|By Business Wire||
|January 25, 2011 08:10 AM EST||
RainDance Technologies, Inc., the leading provider of microdroplet-based solutions for single molecule and single cell analysis, today announced that it has closed a Series D financing round of $37.5 million.
The financing was co-led by new investor Quaker BioVentures and existing investor Mohr Davidow Ventures. Existing investors Alloy Ventures and Acadia Woods, LLC also participated in the financing round. Sherrill Neff from Quaker BioVentures and Jeffrey Samberg from Acadia Woods will join the RainDance Board of Directors.
RainDance will use the funding to drive new applications for its commercial targeted sequencing and sequence enrichment solution in the medical genetics and research markets, as well as grow the Company’s global sales and support infrastructure. In addition, RainDance will use this funding to develop and commercialize industry-leading products for single molecule digital PCR and single cell analysis.
“This significant financing kicks off an extremely exciting year of product launches and commercial expansion for RainDance,” said Roopom Banerjee, President and CEO of RainDance Technologies. “The fact that we have been able to raise a sizable round of financing during a difficult funding environment is further validation of our business and disruptive microdroplet technology platform. We are delighted to welcome Quaker BioVentures to the RainDance family.”
RainDance’s microdroplet-based RainStorm™ technology enables researchers to perform fully automated and highly accurate biological analysis in important disease areas including cancer, infectious disease, immunology and genetic screening. Each RainStorm picoliter-scale droplet is the functional equivalent of an individual test tube and can contain a single molecule, cell or reaction. The Company’s commercial products integrate with all next-generation DNA sequencing platforms to provide unparalleled performance and a vastly simplified workflow, at a cost-effective price.
“Quaker BioVentures invests in market-leading life science companies powered by transformational technologies and strong intellectual property positions. We are excited to back one of the fastest-growing companies in the industry and join this world-class investor syndicate,” added Mr. Neff. “We believe RainDance’s microdroplet-based solutions will play an important role in high-growth research and diagnostic markets due to its single molecule and single cell analytical sensitivity, unprecedented number of data points per sample, fast time-to-result, and flexibility with multiple biological sample types including DNA or RNA, proteins and cells.”
Mr. Banerjee will discuss RainDance’s new product portfolio at the upcoming 12th annual Advances in Genome Biology and Technology (AGBT) meeting in Marco Island, Florida during a workshop presentation at 2:00 pm ET on Friday, February 4, 2011.
For more information, please visit www.RainDanceTech.com.
About RainDance Technologies, Inc.
RainDance Technologies is pioneering the use of high-throughput microdroplet-based analysis in human health and life science research. The company's core RainStorm™ technology generates millions of discrete droplets that can encapsulate a single molecule, cell or reaction and be digitally analyzed and sorted one at a time. The power, simplicity and precision of microdroplets enable researchers to answer complex questions with unprecedented sensitivity and quantification. The complete RainDance solution includes automated instrumentation, customizable bioinformatics and high-value consumables and reagents for applications including targeted next-generation DNA sequencing, methylation, single molecule digital PCR and single cell analysis. Based in Lexington, Massachusetts, the company supports scientists around the world through its international sales and support operations and a global network of distributors and service providers.
RainStorm™ is a trademark of RainDance Technologies, Inc.