NEW YORK — ChromaCode said on Tuesday that it has raised an additional $10 million in Series C funding, bringing the total value of the financing round to $38 million.
The Carlsbad, California-based firm said it will use the cash infusion to continue development of its high-definition PCR technology, a software and assay platform that uses existing real-time PCR instruments and digital signal processing to improve molecular analyses. The platform is the basis for ChromaCode's multi-drug resistance and tick-borne pathogens multiplex panels, as well as its recently launched SARS-CoV-2 assay.
ChromaCode said the Series C money will also be used to further its global expansion, with an eye toward resource-limited communities in low- to middle-income nations.
The new investment comes from Adjuvant Capital, which has also received a seat on ChromaCode's board. ChromaCode previously raised $28 million through the Series C round in December, $12 million in Series B funding in 2017, and $2.5 million a Series A funding in 2015.