GenVault Corporation Raises $18 Million of Financing Funding
News Apr 05, 2007
GenVault Corporation has announced that the company has successfully closed an additional $18 million in venture financing. QuestMark Partners joins Domain Associates as GenVault’s investor. In conjunction with this transaction, Benjamin S. Schapiro, Partner at QuestMark Partners, will join GenVault’s Board of Directors.
The funds will be used to accelerate commercialization of GenVault proprietary technologies in room temperature biosample storage and transport for genomic discovery, healthcare and forensic applications.
Mr. Schapiro commented, “GenVault management and technology are clearly poised to transform fundamental niches within several major industries worldwide, from drug discovery, to forensics, to healthcare management and delivery. The Company has a proven track record in delivering significant value to its pharmaceutical, academic and forensics customers. We are anticipating a highly productive collaboration.”
“The support of a firm of the caliber such as QuestMark, and the continued support of Domain, mark a great accomplishment for the GenVault team,” said David Wellis, Ph.D., CEO of GenVault. “The addition of this significant capital will enable expansion of our global sales and marketing programs, production, and ultimately, market penetration, in several multibillion dollar markets.
This milestone marks a gratifying endorsement of both GenVault’s novel technology, as well as recognition of an unusual opportunity to grow diverse industrial, academic and government markets worldwide.”
The company’s technology and business model meet a growing demand for reliable, sophisticated biosample management in industries where this is critical for accurate, cost effective processes and outcomes,” said James C. Blair, Ph.D., Partner at Domain Associates. “Our continued investment is worthy of this unique technologic and commercial opportunity.”