10x Genomics Announces $35m Funding
By Bio-IT World Staff
January 7, 2019 | On day one of the JP Morgan Healthcare Conference, 10x Genomics announces $35 million in funding as an extension of its Series D financing. The round was led by Meritech Capital with Fidelity and Wells Fargo participating. The company’s total financing to date is $243 million.
Today’s announcement builds on 10x Genomics’ continued growth and commitment to advancing biology. In the last six months, 10x acquired two companies, Epinomics and Spatial Transcriptomics to develop products that provide invaluable insights for unlocking fundamental biology, understanding disease, and advancing human health. The company has also added a research facility in Sweden to develop new technologies.
10x Genomics has seen strong revenue growth in recent years with a twenty-fold increase from 2015 to 2017, and continues to see powerful demand for its products. The company has expanded its presence in Pleasanton, California with new headquarters and manufacturing facility anticipated to create 200 additional jobs in the area this year. In addition, it recently opened offices in Singapore and Shanghai to serve the growing Asia market. Two months ago, 10x launched its latest products, Chromium Single Cell ATAC Solution and Feature Barcoding technology, that will accelerate genomic research by introducing scalable multi-omics analysis.
“Biology is the next frontier for humankind,” said Craig Sherman, managing director of Meritech Capital in a statement. “The 10x team’s deep understanding of biology, chemistry, and math, coupled with its relentless execution, made it a very attractive investment for us. We are looking forward to partnering with 10x as they scale the company and introduce more innovation into the industry.”
“As a company, we’ve seen tremendous growth and expansion in the last year,” said Serge Saxonov, CEO and co-founder of 10x Genomics, in the same statement. “We’ve released new products, announced new facilities, and welcomed two incredible companies to the 10x team. Today’s funding announcement will allow us to continue with this momentum into 2019 as we scale 10x to become a company that impacts billions of lives around the world.”