TwinStrand Biosciences, a genetic sequencing technology company, announced the close of a $16 million Series A funding round, including $12 million in new capital.
Madrona Venture Group led the investment with participation from Alexandria Venture Investments, Ridgeback Capital, and Sahsen Ventures. The company plans to use the new funds to accelerate the commercial pipeline and support the growth of its corporate infrastructure and pharmaceutical partnerships.
The University of Washington spinout previously raised $5.5 million in Seed funding, in addition to $6.4 million in SBIR grants, to develop and commercialize its Duplex Sequencing technology.
Duplex Sequencing is a biochemistry and software-based enhancement to existing DNA sequencing platforms that enables researchers and clinicians to detect genetic “needles in a haystack.” By identifying ultra-low frequency DNA mutations with a resolution 10,000-fold greater than conventional tools, clinically important decisions can be made with confidence. Such sensitivity and specificity are vital for many applications, including early cancer detection, monitoring for residual cancer after treatment, genetic toxicology, and drug development.
According to the company, Duplex Sequencing identifies rare mutations that go undetected by current next-generation sequencing (NGS) platforms. TwinStrand’s scientists have authored more than 15 peer-reviewed articles on Duplex Sequencing and have developed a portfolio of over 45 patents and patent applications. The company is already collaborating with pharmaceutical companies, academic centers, clinical research networks, and federal regulatory agencies.
“Being able to read our DNA with the breakthrough accuracy of Duplex Sequencing will have a profound impact on each of our lives,” said Terry Myerson, Venture Partner at Madrona Venture Group. “TwinStrand’s innovation is at the forefront of the intersection of life sciences and computer science. We are excited to invest in the incredible team and opportunity ahead at TwinStrand.”