10x Genomics, a company focused on accelerating genomic discovery, today announced that it had raised $125 million in funding. The funding included a $50 million Series D financing. It was led by Meritech Capital Partners and included new investor Wells Fargo Strategic Capital along with current investors Paladin Capital, Fidelity and the SoftBank Group. The Company complemented this financing with a new $75 million credit facility with Silicon Valley Bank.
Earlier this year, at the JPMorgan Healthcare conference, 10x announced that it had achieved over $100 million in revenue since first product introduction in mid-2015, and that its revenues had increased over 150% year over year. In its first thirty months of sales, the Company has had twenty-five product launches spanning instruments, reagents and software.
For 2018 the Company has shared plans for multiple new products including fundamental new capabilities such as single cell DNA sequencing for oncology, single cell multi-omic measurements of proteins and gene expression, and single cell epigenomic analysis. All of these new products are designed for the Company’s Chromium instrument whose global install base now stands at over 600.
“We invest exclusively in late stage companies with big potential. 10x has had a remarkable record of brilliant execution in the service of an ambitious vision. It is rare to see a company with this much existing success as well as massive potential to impact the world in a positive way,“ said Craig Sherman, managing director of Meritech Capital.
The proceeds from these financings will fuel the Company’s innovation engine and will allow investment in new strategic opportunities. The funding will also help 10x to continue to expand its global commercial organization, including new offices in Leiden, The Netherlands and Shanghai, PRC, as well as to expand its internal manufacturing capabilities.
“We are thrilled to partner with Meritech, Wells Fargo, and our other investors to drive the next phase of our growth,” said Serge Saxonov, CEO and Co-founder of 10x Genomics. “We have been fortunate to achieve leadership positions across multiple scientific fields in a short amount of time. The really exciting thing is that we are just getting started.”
About 10x Genomics
10x Genomics, Inc. is building tools for scientific discovery that reveal and address the true complexities of biology and disease. Through a combination of novel microfluidics, chemistry and bioinformatics, our award-winning Chromium System is enabling researchers around the world to more fully understand the fundamentals of biology at unprecedented resolution and scale. Learn more at www.10xGenomics.com.