Yury Milner together with venture Funds “Decheng Capital”, “IPV Capital”, “Stanford StartX Fund” and some other investors took part in the financing round of the system “GENIUS” for electronic DNA sequencing. The company “GenaSys”, which developed the system, will get from investors $37M. This message has been published on the site of the company.
The system “GENIUS” represents a device, in which conducts both the process of DNA sequencing, and samples preparation. Herewith by its size it does not exceed a small computer. Special magnet balls are used in the device for clearing and manipulation with nucleic acid.
Eventually the established by them system “GENIUS 110” will allow producing genomes decoding with accuracy of 99,7% for $50. Received investments will be directed on the system improvement and its promotion on the market: according to the founder of the company Hijama Esfandipu, their technology will appear to be 100 more effective than competitors have. Herewith the planned breakthrough in genomic will lead to colossal changes not only in the sphere of healthcare, but in many other spheres of human life.
For the “GENIUS” development the company has initially received the grant in amount of $3M from National HealthCare Institutions. The cost of the genome reading with assistance of its system authors estimate approximately in $50.
Yury Milner jas already took part in financing the biotechnology companies. In December, 2012 he invested in the company “23andMe”, which offers a service on genotyping. Besides, he is the founder of the largest scientific award all over the world “Fundamental Physics Prize”, and jointly with Sergey Brin and Mark Zuckerberg, of the bio-technological award “Breakthrough Prize”.