ChromaCode Raises $10 Million Series C Financing From Adjuvant Capital
Funding Will Accelerate the Development of ChromaCode Assays for Infectious Disease, Targeted Toward Resource-Limited Communities Worldwide
CARLSBAD, Calif. – May 19, 2020 – ChromaCode, Inc., a company redefining molecular testing through data science, today announced 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. Funding from this round will support global expansion and continued development of ChromaCode’s high-definition PCR platform (HDPCR™), through which the company recently launched a high-throughput SARS-CoV-2 Assay. Adjuvant joins existing ChromaCode investors Northpond Ventures, New Enterprise Associates (NEA), Domain Associates, Windham Ventures, Okapi Ventures, Moore Venture Partners and the California Institute of Technology.
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.
“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 platform is built on the use of data science technology — including proprietary signal processing techniques — and cloud computing algorithms to boost the performance of commonly used molecular diagnostics instruments and reagents, setting ChromaCode apart from legacy diagnostics companies. HDPCR expands the number of detectable disease targets in a single reaction using traditional qPCR or dPCR instruments, without any changes to workflow, instrumentation or software. ChromaCode’s data-driven approach enhances the performance of traditional diagnostics hardware by as much as 5x, saving time and money on testing that is critical to patient care.
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. This approach substantially increases the performance capabilities of today’s gold-standard molecular diagnostics platforms at a very low cost. For more information visit ChromaCode.com.
About Adjuvant Capital
Adjuvant is a New York- and San Francisco-based life sciences fund built to accelerate the development of new technologies for the world’s most pressing public health challenges. Backed by leading healthcare investors such as the International Finance Corporation, Novartis, and the Bill & Melinda Gates Foundation, Adjuvant draws upon its global network of scientists, public health experts, biopharmaceutical industry veterans, and development finance professionals to identify new investment opportunities. Adjuvant invests in companies developing promising new vaccines, therapeutics, diagnostics and medical devices for historically overlooked indications such as malaria, cholera, Lassa fever and postpartum hemorrhage, with a commitment to make these interventions accessible to those who need them most in low- and middle-income countries.
For more information, visit www.adjuvantcapital.com.
Eric Schubert, Seismic