ChromaCode has announced that the company has successfully secured $10 million series C funding with the help of Adjuvant Capital. The recent 10 million USD series funding helps the company’s funding to the mark of $38 million. The company has further announced that the Managing Partner of the Company, Jenny Yip, will also join the list of the company’s board of directors. The recent funding will help the company for global expansion and it will also help the company to continue its development of the ChromaCode HD PCR platform commonly known as the HDPCR.
Adjuvant Capital, which helps the company to secure $10 million Series C Funding, is an investment company that provides critical financial assistance to New Tech development companies and it is also backed by the International Finance Corporation and Novartis.
Company’s New Member of Board of Directors, Jenny Yip said, “Real-time PCR is the standard for infectious disease testing, with instruments in use in most laboratories around the globe. The COVID-19 pandemic has intensified the need to leverage this workhorse technology.”
“We’re excited to work with ChromaCode and support their unique ability to offer affordable, high-throughput assays for diseases of global importance on PCR platforms. We believe ChromaCode’s platform will help reduce healthcare costs and improve health outcomes for communities that are resource-challenged in both the developing and developed world,” Jenny Yip further added.
Chief Executive Director and President of ChromaCode, Greg Gosch said, “We are excited to welcome the Adjuvant team and look forward to collaborating with them to deploy our platform wherever it is needed most — including addressing some of the most critical needs in resource-limited communities around the globe.”
ChromaCode is basically a platform designed with the use of data science technology, including cloud computing algorithms and proprietary signal processing techniques to boost the performance of reagents and molecular diagnostics instruments.