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PlexPress Receives 2.75M USD in Seed Funding to Deliver TRAC Technology to Worldwide Gene Expression Analysis Markets
Helps Understand Gene Function for Research, Development and Diagnostics
LOS ALTOS, Calif. PlexPress announced today the closure of 2.75M USD seed funding from venture capital investors for introducing a game changing gene expression analysis solution to advance biological science, drug discovery, plant sciences and diagnostics. The investors include Conor Technology Fund I, Veraventure, Helsinki University Fund and VTT. Mr. Matti Copeland, Chairman of the Board of PlexPress states, “This investment provides funds for PlexPress to commercialize TRAC technology to help enable the next frontier of gene function analysis, namely, a better understanding of the mechanisms of biological systems.”
TRAC (Transcription analysis with Affinity Capture) was invented at VTT by prof. Hans Söderlund, one of the founders of the spinout company. It is a novel, well vetted method to measure expression of many genes (2-150) in many samples (hundreds to thousands), an underserved portion of a market growing to $1B/yr in four years. The high information content provided by TRAC helps researchers make evidenced-based decisions. PlexPress’ patented technology dramatically simplifies researchers’ work practices while enabling superior precision, greater flexibility and lower cost. Further, diagnostic opportunities will substantially contribute to PlexPress’ long term growth.
Mr. Robert Dunkle, CEO of PlexPress Inc. states, “TRAC has proven to be very compelling in biological pathway analysis, disease characterization, cell signaling and other key application areas. Pre-launch customers have identified new targets and biomarkers for drugs through analysis of the high information content provided by TRAC. One customer stated TRAC’s flexible configuration allows for multiple dimensional experimental designs not practical using other methods and not contemplated prior to TRAC.”
Mr. Jari Mieskonen, Managing Partner, Conor, a lead investor of the seed round said, “We are delighted to join PlexPress as an investment partner; we have really high expectations of the business and its vision. The company position and strategy makes major breakthrough very possible.” Jari continues, “As a venture investor I´m particularly happy about the know-how, creativity, experience, ambition level and leadership of the management team in PlexPress in both Europe and North America markets.”
PlexPress is a life science company specializing in gene expression analysis technology to advance biological science, drug discovery, crop science and diagnostics. PlexPress seeks to rapidly provide reliable information at low cost. Its products simultaneously measure multiple genes from multiple samples. PlexPress operates from Los Altos, California and Helsinki, Finland. See www.plexpressbio.com.
About Conor Venture Partners
Conor Venture Partners Oy manages early stage focused Conor Technology Fund I Ky. The target focus of the fund is early stage technology growth companies. The fund is an active private investor in the early stage field. See www.conor.vc.
Veraventure Ltd is a large high-tech seed fund focusing on research, development and innovation intensive companies. Target companies need to feature a realistic opportunity to achieve a substantial international market position and exit prospects through a strong technology and execution strategy. www.veraventure.fi
About Helsinki University Fund
The Helsinki University Fund provides venture investments for university derived projects and companies with meaningful collaborative relationships with the university.
VTT’s (The Technical Research Centre of Finland) objective is to develop new technologies, create new innovations and add value, thus increasing customers’ competencies. With its knowhow, VTT produces research, development, testing and information services to public sector, companies, and international organizations. See www.vtt.fi.
Source: PlexPress Inc.