Oxford Nanopore announced that it has raised $59 Million (£35 million) from both new and existing investors in the UK, US and mainland Europe. The new investors include The CF Woodford Equity Income Fund managed by Woodford Investment Management LLP. In its last fund raising round in 2013, Oxford Nanopore raised $64 million. With this fresh round of fund raise, Oxford Nanopore has raised £180 million so far since 2005.
Announcing the new fund raising in apress release, Oxford Nanopore said that the new funds will be used to further develop its commercial and manufacturing infrastructure and fund R&D operation for scalable nanopore-sensing products. Gordon Sanghera, Chief Executive, said:
These additional funds will allow us both to accelerate and to scale the adoption of our MinION™ devices. Our access program for MinION is progressing as expected, and we now need to broaden our product portfolio and deepen our commercial activity. We can now make devices tailored to specific high value sequencing applications and, importantly, ultra-high-throughput devices designed for large scale whole genome sequencing (WGS). We can also make variations of the core technology designed for completely novel sensing applications beyond nucleic acids.