Singapore state investor Temasek has backed the £195 million ($271 million) funding round in Nanopore Technologies, a UK-headquartered DNA sequencing firm that plans to go public later this year, according to an announcement.
Nanopore, which has been valued at about $3.44 billion after the funding round, announced that new investors Temasek, Wellington Management, M&G Investments, and Nikon have invested a combined £125 million into the life sciences company while existing investors poured in £70 million.
In 2018, Singapore’s sovereign wealth fund GIC participated in the $140 million funding round of Oxford Nanopore.
The latest funding round brings Oxford Nanopore’s total funding since it was founded in 2005 to more than $1.1 billion. The company said it remains focused on its previously announced strategic plans, which include accelerating the development and commercialisation of its sequencing technology.
Oxford Nanopore is a startup spun out from Oxford University. Its COVID-19 technology was snapped up by the UK government and used to track variants of the virus globally, according to a report by The Guardian.
The company develops genetic sequencing technology. Its platform, the world’s first and only for nanopore sequencing, has been used to classify brain tumours, sequence chromosomes, and track the spread of infectious diseases and food-borne outbreaks.
The company’s pipeline includes more than 1,350 patents and applications. The portfolio includes multiple generations of nanopore-based sensing technologies, including those based on both biological and solid-state nanopores.
“As well as providing devices for lab-based testing, our sequencing technology is uniquely deployable in distributed, near-sample settings, delivering rapid, data-rich insights,” the company said.
In March, Oxford Nanopore set out plans to float on the London Stock Exchange in what is expected to be one of the largest debuts of the year. Analysts estimated the life sciences company could reach a market value of between $5.6 billion and $9.7 billion when it goes public.
The company was founded in 2005 by three scientists who met at Oxford University – Gordon Sanghera, Spike Willcocks, and Hagan Bayley.