ChromaCode, Inc, a California-based company redefining molecular testing through data science, announced that it has raised a $10 million Series C extension with an investment from Adjuvant Capital. The Adjuvant investment brings the company’s total Series C funding to $38 million. Managing Partner Jenny Yip will join ChromaCode’s Board of Directors.
Existing investors Northpond Ventures, New Enterprise Associates (NEA), Domain Associates, Windham Ventures, Okapi Ventures, Moore Venture Partners and the California Institute of Technology also took part in the funding round.
The company will utilise the funding from this round to support global expansion and continued development of ChromaCode’s high-definition PCR platform, through which the company recently launched a high-throughput SARS-CoV-2 Assay.
“Adjuvant Capital invests to accelerate new technology development for the world’s most pressing public health challenges and is backed by leading healthcare investors such as the Bill & Melinda Gates Foundation, the International Finance Corporation and Novartis. Adjuvant aims to drive meaningful improvements in the public health of low- and middle-income countries with a focus on neglected, high-burden and emerging infectious diseases, pandemic threats and maternal and child health,” the company said in their official release.
“Real-time PCR is the standard for infectious disease testing, with instruments in use in most laboratories around the globe. The COVID-19 pandemic has intensified the need to leverage this workhorse technology,” said Adjuvant’s Jenny Yip. “We’re excited to work with ChromaCode and support their unique ability to offer affordable, high-throughput assays for diseases of global importance on PCR platforms. We believe ChromaCode’s platform will help reduce healthcare costs and improve health outcomes for communities that are resource-challenged in both the developing and developed world.”
ChromaCode’s Co-founder, President and CEO Greg Gosch said, “We are excited to welcome the Adjuvant team and look forward to collaborating with them to deploy our platform wherever it is needed most — including addressing some of the most critical needs in resource-limited communities around the globe.”
ChromaCode is a software and reagent technology company that uses digital signal processing to dramatically improve clinical molecular analysis. The company’s unique core of data scientists and molecular biologists leverage patented mathematical methods and algorithms to extract new information from biochemistry reactions.
