10x Genomics said it will use a combined $125 million in new funding toward the development and launch of new products, as well as continued expansion of its commercial operations.
The new funding consists of a $75 million debt facility with Silicon Valley Bank as well as a $50 million Series D financing led by Meritech Capital Partners.
The capital comes more than three months after privately held 10x Genomics disclosed at the JP Morgan 36th Annual Healthcare Conference that it finished last year with $71 million in revenue, more than 150% above the $28 million generated in 2016. 10x Genomics placed ninth among “Top 10 Sequencing Companies” ranked by GEN earlier this month.
10x Genomics also disclosed that it had generated more than $100 million in the 30 months since commercially launching the first of its 25 products, spanning instruments, reagents, and software.
This year, 10x Genomics said, its plans include launching new products that include single-cell multiomic measurements of proteins and gene expression, single-cell epigenomic analysis—and single-cell DNA sequencing for oncology.
The company has begun accepting preorders for its Chromium Single Cell CNV Solution, which according to the company is the first scalable and easy-to-use technology for rapid and massively parallel profiling of single-cell genomes, with anticipated delivery beginning in July 2018.
10x Genomics launched the single-cell solution on April 13 at the annual meeting of the American Association for Cancer Research in Chicago on April 13. The Chromium Single Cell CNV Solution is based on technology designed to generate Cell Beads and Gel Beads (CBGBs), unveiled during the Advances in Genome Biology and Technology Meeting (AGBT) in February 2018.
All of the company's new products are designed for its Chromium Controller, which was announced at AGBT in 2016. Since then, more than 600 Chromium Controllers have been installed worldwide, according to the company.
“We have been fortunate to achieve leadership positions across multiple scientific fields in a short amount of time,” Serge Saxonov, Ph.D., CEO and co-founder of 10x Genomics, said yesterday in a statement. “The really exciting thing is that we are just getting started.”
10x Genomics said its plans include expanding its internal manufacturing capabilities, as well as opening new offices in Shanghai and Leiden, The Netherlands, as part of an expanded global commercial organization.
Joining Meritech Capital Partners as participants in the Series D financing were new investor Wells Fargo Strategic Capital along with current investors Paladin Capital, Fidelity, and the SoftBank Group.
