Watchmaker Genomics Raises $40M in Series A Funding to Accelerate Growth and Expand Clinical Sequencing Product Offering
BOULDER, Col., June 2, 2022 /PRNewswire/ — Watchmaking genomicsa life sciences company specializing in the development of high-rigor applications focused on reading, writing and editing DNA and RNA, today announced that it has been awarded $40 million in an oversubscribed Series A, bringing the total funding to date to $53.5 million. The round was led by Decheng Capital, with co-investment from Eclipse Ventures.
Founded in 2019, Watchmaker has established an enzyme engineering technology platform that leverages recent advances in computational design and directed evolution. The founding team has deep expertise in next-generation sequencing (NGS) and clinical oncology assay development, as well as experience building successful life science companies, including Kapa Biosystems, Enzymatics and ArcherDx. The company launched its first product in 2020 and has since achieved profitability with 175% year-over-year revenue growth. With this Series A funding round, Watchmaker plans to accelerate investments in its protein engineering platform to deliver a suite of new products that address clinical sequencing requirements and support emerging applications in single-cell analysis, epigenetics and cell-free DNA. Additionally, the company will expand its commercial channels and manufacturing capacity, making these product solutions more widely accessible to the life science and genomics communities.
“We are excited to partner with Watchmaker Genomics as the company enters its next phase of product innovation and commercialization. Watchmaker’s experienced team has already built a solid foundation and we look forward to supporting their continued growth,” said Victor, Partner at Decheng Capital. E. Tong, Jr., who joins the Watchmaker Board of Directors.
“Watchmaker is developing tools and techniques that will unlock the future of genomics, both in the laboratory and in the clinic. We are thrilled to partner with this world-class team as they open the new frontier of genomics and, ultimately dramatically improves the way we treat diseases,” said Eclipse Ventures partner Justin Butler, who will join Watchmaker as a board observer.
“The additional funding will allow Watchmaker to more quickly scale our organization to meet the explosive demands of the genomics industry and help further realize our vision of more personalized medicine and better human health,” said Trey Fosket, CEO and co-founder of Watchmaker Genomics. “Decheng Capital is a leading investor in life sciences and sequencing, and we are excited to have the company lead our Series A. Watchmaker, Decheng and Eclipse share a passion for building influential and world-leading companies. market, and we welcome Victor and Justin to join us.”
This news builds on the company’s previously announced collaborations with Twist Biosciences, Element Biosciences, Singular Genomics and Molecular Loop. Watchmaker will showcase its DNA and RNA NGS solutions for clinically relevant sample types and applications at the Advances in Genome Biology and Technology (AGBT) conference in June 6 to 9 in Orlando, Florida.
About horological genomics
Watchmaker Genomics applies advanced enzymology to enable breakthrough applications for reading, writing and editing DNA and RNA. The company combines expertise in the field of protein engineering with large-scale enzyme manufacturing to meet the quality, performance and scale requirements of high-growth clinical genomics applications.
Watchmaker’s product portfolio includes enzymes and kits for next-generation sequencing library preparation, synthetic biology and molecular diagnostics. Situated at Boulder, Colorado, the Watchmaker team brings decades of collective experience in building successful life science companies, bringing new technologies to market, and advancing clinical genomics applications. Watchmaker partners directly with innovative life science companies, commercial sequencing providers, and pioneering research labs. For more information on Watchmaker Genomics, please visit www.watchmakergenomics.com
About DeCheng Capital
Decheng Capital, founded in 2012, is a leading investment firm that provides capital and strategic support to early-stage life science companies with breakthrough technologies and growth-stage healthcare companies with a strong market presence. We are a group of dedicated professionals with complementary expertise who have an exceptional track record of building highly successful businesses globally. With over $2 billion capital under management and the backing of some of the world’s most prestigious LPs, Decheng is poised to deliver superior returns for our investors and create value for our entrepreneurial partners.
About Eclipse Ventures
With over $2 billion of assets under management, 70 portfolio companies and a team of investors with deep expertise in technology, manufacturing, supply chain, logistics, healthcare and consumer products , Eclipse is one of the leading venture capital organizations in the United States. Its management team has the experience and deep expertise to create and scale complex operations – with partners from industry giants, such as Flextronics, Tesla, Apple, Samsara, Intel and GE. Eclipse partners with entrepreneurs who boldly transform the essential industries that define and power economies. For more information, visit www.eclipse.vc.
SOURCE Genomic Watchmaker