Quantum Biosystems Inc., an Osaka-based company developing a faster genome sequencer, has raised ¥2.4 billion in venture-capital funding from firms including Jafco Co., people with knowledge of the matter said.
The investors also include state-backed Innovation Network Corp. of Japan, Mizuho Capital Co., University of Tokyo Edge Capital Co. and Mitsubishi UFJ Capital Co., the people said, asking not to be identified before a public announcement.
Quantum is developing so-called fourth-generation sequencing equipment to compete with existing offerings from Roche Holding AG and Illumina Inc. A machine that can sequence human DNA in a few hours for $1,000 could soon be available, compared with the first human genome which was sequenced in 2003 after 13 years of work at a cost of $3 billion, the McKinsey Global Institute wrote in a May 2013 report.