The Venture Codex

Participated · Series C · Nov 2014

BioNano Genomics is a San Diego, CA-based developer of the Irys genome mapping platform. The Irys platform provides researchers and clinicians an organized, actionable picture of a genome, including how components are ordered, arranged, and interact. The company works with institutions in life science, translational research, molecular diagnostics and personalized medicine. Led by President and CEO Erik Holmlin, Ph.D., BioNano intends to expand commercialization to grow the installed base and utilization of Irys and to develop new platforms and technology innovations. The firm completed a $53M Series C to support those plans, and added board members in conjunction with the financing. BioNano Genomics is developing a system for human genome analysis that uses imaging of molecules to directly observe native genomic structure. The company says its technology enables direct observation of native genomic structure through molecular imaging. It announced a $10M funding round to commercialize that system. The funding is intended to support commercialization efforts for its human genome analysis platform. The startup is led by Erik Holmlin, Ph.D., and is San Diego-based. BioNano Genomics develops the Irys platform, a scalable system for structural variation analysis and de novo assembly of next-generation sequencing data. Irys uses a proprietary chip to uncoil and confine long DNA molecules, enabling researchers to view long strands of DNA. Researchers at UCSF demonstrated Irys' utility in a Nature Biotechnology paper by accurately mapping and analyzing structural variation in the human major histocompatibility complex. The company and UCSF authors highlighted applications in studies of new pathogens, complex metagenomics, and cancer genomes where copy number and structural variation are abundant. BioNano raised $10 million in a Series B-1 equity financing from existing investors and is completing product development ahead of a commercial launch anticipated by the end of 2012. BioNanomatrix develops and commercializes nanoscale, single-molecule imaging and analysis technology for large biological molecules, with a focus on whole-genome analysis. The company has introduced the nanoAnalyzer 1000 System and reported placing a number of systems with early-access users after its debut at the American Society of Human Genetics. Its platform is designed to reduce time and complexity for genome analysis and to provide additional structural-variation data not easily addressed by current methods. Ongoing development includes a NIST-ATP-funded project aimed at sequencing the human genome at a cost of $100 and work supported by the National Institutes of Health. Management has signaled a push toward commercialization and plans to establish a stronger West Coast presence to expand business opportunities and recruitment. The company recently completed a $23.3 million Series B equity financing to support these efforts. BioNanomatrix develops a nanoscale whole-genome imaging and analysis platform for single-molecule genomic analysis. The company is preparing to commercialize its first NanoAnalyzer system, with a beta site launch planned for Q2 2010. It received two supplemental Phase II SBIR grants from the National Human Genome Research Institute (NHGRI) totaling $833,490. The awards were made under the NIH BECON II nanotechnology initiative, an interdisciplinary, multi-institute SBIR consortium. These supplemental grants bring BioNanomatrix's Phase II NHGRI funding to more than $2.8 million. The funds will be used to support further commercial development and to prepare for the NanoAnalyzer beta launch.

Participated · Series B · Jan 2013

Micro Interventional Devices (MID) designs, develops and commercializes proprietary percutaneous technologies focused on structural heart disease. Its lead technology is MIA™ (Minimally Invasive Annuloplasty), intended for percutaneous treatment of tricuspid and mitral regurgitation. The company is completing the STTAR (Study of Transcatheter Tricuspid Annular Repair) clinical trial to evaluate MIA’s safety and efficacy. MID announced a strategic alliance with Oscor to further develop and commercialize solutions for structural heart disease. Under that alliance MID acquired a non-exclusive worldwide license to Oscor’s patented catheter technology while Oscor received exclusive manufacturing rights to MID’s MIA devices. The company is using the recent financing to complete its ongoing clinical study and advance commercialization efforts. Micro Interventional Devices (MID) is an emerging cardiovascular medical device company based in Bethlehem, PA, founded in May 2010. Its core product, Permaseal, is described as the first transapical access device to enable true "self-sealing," sutureless cardiac access and closure. Permaseal is designed to enable a range of structural heart repair procedures including transcatheter aortic valve implantation (TAVI) and mitral valve replacement and repair. MID is also developing percutaneous transapical and large bore femoral access and closure devices using proprietary soft-tissue anchoring technology that enables off-pump procedures. Financially, MID has secured $3.5M of an expected $5M Series B financing. The company intends to use the funding to advance Permaseal development, complete the STASIS clinical study, pursue CE Mark approval, and support ongoing R&D. Micro Interventional Devices is developing solutions for a wide range of structural heart repair procedures. The company is working on a new minimally invasive structural heart repair product called Permaseal™ and intends to use recent funding to develop and begin commercializing it. Micro Interventional Devices received a $100k loan from the Ben Franklin Technology Partners of Northeastern Pennsylvania. The company was founded in 2010 and is led by CEO Michael P. Whitman and CSO Willard Hennemann, PhD. Its development work targets procedures including TAVI, transcatheter mitral valve replacement, LVAD placement, mitral valve repair, valvuloplasty, aortic arch repair, ASD/VSD closure, left atrial appendage closure, and arrhythmia ablation. Micro Interventional Devices develops Permaseal, a sutureless closure device that uses soft tissue anchors and biocompatible elastomers to form a web structure around myocardial access sites and provide hemostatic left-ventricle access during minimally invasive cardiac procedures. The device is applied before transcatheter aortic valve implantation (TAVI) and constricts around the ventricular opening after guidewire extraction; the company is also pursuing use in transcatheter mitral valve replacement and mitral valve repair. The company was launched in 2010 in Bethlehem, Pennsylvania, and is pursuing CE-mark clinical evaluation (the STASIS study) and commercialization in Europe. A 40-person European STASIS trial scheduled for Q3 will evaluate safety and performance for left ventricular transapical access and closure, with procedure time as a secondary endpoint and top-line results expected in Q4. Financially, Micro Interventional Devices secured a $500,000 bridge financing earlier this year (with Life Sciences Greenhouse of Central Pennsylvania contributing) and counts Battelle Ventures, New Hope Ventures and Ben Franklin Technology Partners of Northeastern Pennsylvania among its investors. The company is commencing a Series B in September seeking $5–8 million to complete CE mark approval and support European commercialization. Micro Interventional Devices (MID) is an early-stage cardiovascular medical device company founded in May 2010 and located in Bethlehem, PA. MID's initial product offering is Permaseal, a patent-pending minimally invasive access and wound-closure device designed to move with the beating heart while keeping wound edges closed. Permaseal enables sutureless healing, and the company describes it as cost- and time-efficient for structural heart repair procedures. The device provides a biocompatible implant affixed to the apex of the heart to create a transmyocardial access site for procedures such as TAVI, transcatheter mitral valve replacement, mitral valve repair, LVAD placement, ASD/VSD closure, left atrial appendage closure and arrhythmia ablation. MID says its proprietary soft-tissue anchoring and delivery-device technology enables off-pump procedures and aims for Permaseal to become a new standard of care. Michael Whitman is named as President & CEO in the announcement.

Participated · Equity · Dec 2012

Proterro produces non-crop-based, noncellulosic sucrose via engineered sucrose-producing cyanobacteria and a high-density, modular solid-phase photobioreactor. The company projects production costs below $0.05 per pound, undercutting sugarcane, corn and cellulosic approaches. Proterro holds a notice of allowance from the USPTO on a composition-of-matter patent covering its engineered microorganisms and genetic code, and it is adding to its patent portfolio. Management plans to use new capital to optimize genetic engineering and accelerate piloting of a full-scale photobioreactor. The company is completing designs for a demonstration-scale facility and pursuing business partnerships. Leadership includes advisors with experience from BP, Cargill, Gevo and Solazyme, and the company was recognized by Lux Research for its disruptive potential.

Led · Series D · Feb 2011

Nistica supplies agile optical networking modules and has delivered thousands of its Telcordia‑certified FULL FLEDGE series wavelength selective switches to multiple customers. The company positions its products to simplify optical networks and enable colorless, directionless networks unconstrained by grids. Management is gearing up to expand manufacturing capacity and introduce a portfolio of new products aimed at simplifying optical networks. The recent financing is said to allow the company to scale without financial constraints. The company is responding to demand driven by proliferation of mobile devices and cloud computing for agile, high‑bandwidth optical modules. Nistica is based in Princeton, N.J. Nistica is a Bridgewater, NJ-based supplier of optical modules that automate and make affordable the delivery of high-bandwidth applications. Its core products are optical modules designed to simplify and lower the cost of transporting high-bandwidth traffic. The company said the new funding will enable it to introduce solutions that create "directionless networks" unconstrained by grids. Nistica closed a $6.5M Series C financing to support those efforts. The round was led by Battelle Ventures with participation from Novitas Capital, Technology Venture Partners, Fujikura and NTT Electronics Corporation. No operating metrics were disclosed in the article.