American biotech startup GenapSys got Russian investments

Source: ITAR-TASS

California based biotech startup GenapSys, which deciphers the genome, has attracted a new round of investments amounting to $37 million. Russian venture capitalist Yuri Milner and funds such as StartIX, Decheng Capital, and IPV Capital have invested in the project, reports the company's official press release.

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Right now, GenapSys is developing a platform for the low-cost sequencing of genomes. Eventually, the target system GENIUS 110 will be able to decode genomes with an accuracy of 99.7% for just $50. The investments will be used to improve the system and its promotion on the market. According to the company’s founder Hesaam Esfandyarpour, the technology will be 100 times more effective than that of their competitors. The breakthroughs in genomics will lead to major changes not only in health care, but in many other areas of human life as well.

Yuri Milner has already managed to invest in 23andMe, a company which conducts genetic testing, and has also become one of the investors for Foundation Medicine that targets cancer diagnosis.

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