MENLO PARK, Calif., Jan. 18, 2017 /PRNewswire/ -- Synthomics, Inc., an emerging developer of next-generation systems for oligonucleotide synthesis, announced today that it has completed seed round financing and has launched an early access program for its end-to-end DNA synthesis platform.
The financing round was anchored by TEEC Angel Fund (http://www.teec-angel.com), a Palo Alto, CA-based Micro VC fund with an extensive portfolio of seed and early-stage investments in deep tech. According to Eugene Zhang, TEEC managing director and founding partner, "We believe that Synthomics has the potential to significantly disrupt traditional supply and cost models for DNA synthesis, further expanding global application markets such as DNA sequencing, synthetic biology, and gene editing."
Proceeds from the round will be used to complete development of Synthomics' high-throughput synthesizer, an integrated instrument platform leveraging advances in automation and fluidics to dramatically improve upon the economics, speed, customization, and quality associated with DNA and RNA synthesis. Furthermore, the instrument's ease of use and relatively small footprint enables placement directly with end users and integration into their internal workflows. The company formally launched its early access program in January and expects to begin shipments and installation to customers in Q2'17.
"Interest in our early access program has been remarkable," said Keith Anderson, Synthomics president and CEO. "Clearly, life science firms – both big and small -- value the option of bringing oligo synthesis capabilities in-house, particularly when they can simultaneously achieve significant cost reductions and quality improvements while retaining proprietary sequence information. Further, the idea of integrating oligo synthesis workflows directly into the customer infrastructure and downstream applications resonates strongly."
Since its founding, Synthomics has been awarded $1.14 million in SBIR grants prior to closing the seed round. Beginning in the second quarter of 2017, the Company expects to start recognizing both instrument and consumable revenue.
About Synthomics, Inc.
Synthomics, Inc. is driving life science innovation at the most basic level to deliver novel oligonucleotide synthesis solutions directly to genomic providers in next generation sequencing, gene editing, gene synthesis, PCR, and DNA data storage products and services. Its proprietary technology addresses key needs in research, pharma, diagnostics, and agriculture to advance applications in global personalized and precision genomics. Synthomics is based in Menlo Park, California. For more information on Synthomics and its technology, visit www.synthomics.com.
Synthomics, Inc. Forward-Looking Statements
This news release contains forward-looking statements that involve risks and uncertainties regarding instrument development and installation timelines, customer acquisition, and financing expectations. While Synthomics is not a publicly traded company, potential investors in subsequent financing rounds should be aware of these risks.
For Media and Investors: Keith Anderson, President and CEO, firstname.lastname@example.org
For Customers and Collaborators: David Bullis, Chief Business Development Officer, email@example.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/synthomics-announces-completion-of-seed-financing-and-launch-of-early-access-program-for-next-generation-dna-synthesis-platform-300392567.html
SOURCE Synthomics, Inc.