Molecular Assemblies raises $2.3m in seed round funding
Molecular Assemblies Inc., a company developing a proprietary enzymatic DNA synthesis technology designed to power the next generation of DNA-based products, today announced that it has closed a $2.3m oversubscribed seed round of financing.
Investors in the round included Agilent Technologies, Cavendish Impact Capital Fund, Eleven Two Capital, Keshif Ventures, Genomics Investment Syndicate, Newport Holdings, LP, and Alexandria Venture Investments.
Michael J. Kamdar, Molecular Assemblies president and CEO, said, ”Completing this seed round of financing comes at a time of rapid growth for Molecular Assemblies and enables us to invest even more into expanding our team and advancing the development of our enzymatic DNA synthesis technology.
“We are particularly pleased with the high caliber of investors we are attracting to the company, a testament to the growing need for a new approach to DNA synthesis and our unique ability to potentially meet these needs in multiple markets.”
“New methods of writing genetic code are desperately needed if we are to realize the promise of the next generation of genomics – from industrial synthetic biology to personalized DNA-based therapies and diagnostics, and more,” explained Kirk Wright, co-manager of Cavendish Impact Capital Fund.
“We are excited to invest in Molecular Assemblies and believe that its enzymatic approach to synthesizing DNA represents a dramatic change in how DNA will be made in the future and consequently our ability to accelerate new applications of genomics.”
Molecular Assemblies was founded in early 2013 to develop a new enzymatic method of DNA synthesis inspired by the way nature makes DNA. Today’s method of chemical DNA synthesis is incapable of producing high quality, gene-length DNA that is cost effective and scalable. It also relies on harsh chemicals that both damage the DNA and produce high volumes of toxic waste.
Molecular Assemblies’ enzymatic approach will produce long, high quality, sequence-specific DNA, reliably, affordably and sustainably, and overcome the limitations of traditional chemical DNA synthesis. The $2.3m consists of cash and conversion of promissory notes with funds being utilized to advance its research and development efforts.
Michael Heltzen, lead investor, Genomics Investment Syndicate III, said, ”The world is entering into the Genomics era in which technologies such as DNA sequencing, gene editing and synthetic biology are starting to provide us digital insight and understanding of life and disease.
“While this era brings limitless possibilities for enhancing human health, better approaches for optimizing new genomic technologies are a necessity. Molecular Assemblies is advancing the better quality we require. We are happy to support that effort.”