Fluidigm, maker of chips used in genetic analysis systems, has raised $10.7 million of a targeted $14 million round of debt, warrants, rights and securities, according to a regulatory filing with the Securities and Exchange Commission. The South San Francisco company recently announced that it will be launching a new chip to speed and enhance the study and genotyping of stem cells.
Significantly, Fluidigm’s co-founder is Stephen Quake, the Stanford professor of bioengineering who recently announced that he mapped his entire genome in one week for just $48,000 — a feat that rocked the genetic services market, including DNA-reading startups 23andMe and Navigenics. Fluidigm’s new product is based on a prototype developed by Quake.
Before now, Fluidigm brought in $750,000 in grant money from the California Institute for Regenerative Medicine.