Cambridge-based Camena Bioscience, a synthetic biology company that offers genes to the pharma and biotechnology industries, announced on Monday that it has secured $10M (approximately €9.17M) in a Series A round of funding.
The round was led by UK-based Mercia, a proactive venture capital investor with £1.4B of AUM.
Mercia has invested in a portfolio of over 400 start-ups from pre-seed to Series B and beyond. It has nine offices in the UK and over 60 investment professionals, all drawing on their experiences as founders, PhD scientists, software engineers, corporate financiers and management consultants to help partner companies successfully achieve their ambitions.
Mercia has made pre-seed, Series B, and later investments in a portfolio of more than 400 startups. The firm has nine offices in the UK and more than 60 investment specialists.
Rewriting DNA synthesis technology
Camena Bioscience says researchers frequently use synthetic genes to better understand the causes of disease and to find new drugs to treat it.
Traditional DNA synthesis techniques, which were created in the 1980s, are still expensive, time-consuming, and inaccurate, which can be an issue when constructing long or intricate gene sequences.
By precisely producing synthetic DNA using an entirely new enzyme method, Camena’s approach gets beyond these drawbacks.
Founded in 2016 by Steve Harvey and Derek Stemple, Camena Bioscience is a synthetic biology company with novel DNA synthesis technology.
The company claims that its synthesis technology, gSynth, is rewriting the possibilities of DNA synthesis by unlocking access to genes with unparalleled accuracy and speed.
In contrast to the current phosphoramidite DNA synthesis method, which is only around 30 per cent accurate and generates a lot of organic solvent waste, over 300 bp gSynth creates DNA with a 90 per cent accuracy rate.
Camena also mentions that it provides an “unmatched” approach to gene manufacturing that minimises environmental effects while streamlining complex supply networks.
The company has already signed commercial agreements with leading consumers of synthetic genes, securing a multi-million-pound revenue stream over the previous year.
Capital utilisation
Camena Bioscience says it will use the funds to scale its operations and further develop its DNA synthesis platform, gSynth.
Harvey says, “The ability to read, write and manipulate DNA is the foundation of the synthetic biology value chain, yet developments in DNA synthesis have not kept pace with DNA sequencing and editing capabilities. Camena’s gSynth platform is revolutionising the DNA synthesis market by unlocking access to genes and accelerating discovery pipelines.”
“As the focus on sustainability and supply-chain security become more acute, Camena is leading the way with a green synthesis technology and is already well positioned to serve this burgeoning market.”
“The invention of next-generation DNA sequencing technologies transformed our ability to “read” DNA. Our goal is to enable our customers to “write” DNA with the same confidence and ease,” adds Harvey.
Board appointments
As part of the funding, Lee Lindley, a member of Mercia’s investment team, has joined Camena’s Board.
Lee has about a decade of experience in corporate finance and a BA in Natural Sciences from the University of Cambridge, as well as a Masters in Research Methods from the University of Manchester.
In addition, Aditya Rajagopal has also joined the Camena Board of Directors. He is the CEO and founder of ChromaCode, Inc., a commercial-stage diagnostics firm focusing on producing highly scalable and cost-effective cancer tests.
Rajagopal is also the co-founder and CEO of Esperto Medical, a venture-backed firm that develops non-invasive vital sign monitors.
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