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Genome research startup BioNanomatrix Inc. said in May 2006 that its original seed-stage backers, Ben Franklin Technology Partners and 21Ventures, would be joined by a Series A investor by the end of that year. The other shoe has finally dropped. Battelle Ventures LP has led a $5.1 million first round for the company, which wants to sequence and analyze the human genome in eight hours at a cost of $100.

Battelle partner Tracy Warren (right), who led the firm's investment, says that BioNanomatrix's innovation lies in its sub-100-nanometer semiconductor imaging technology, rather than in biochemistry and labeling techniques. Warren says that aspect of the company differentiates it from better publicized genome mapping companies such as 23andMe Inc., which received an investment from Google Inc. last year (and whose CEO is married to Google Inc. co-founder Sergey Brin). BioNanomatrix's core technology was developed at Princeton University and was spun out with the seed round two years ago.

Rather, 23andMe and others such as Navigenics Inc. -- companies that analyze individuals' genetic makeup, thereby helping to screen for diseases and other conditions -- could conceivably be BioNanomatrix's customers, Warren says. The technology also will be valuable for drug screening and other research and testing applications, she adds. The company already has a manufacturing partnership with Agilent Technologies Inc. [A], as well as a variety of government grants, but it hasn't yet disclosed exact commercial plans.

Battelle affiliate Innovation Valley Partners and KT Venture Group, the venture arm of chipmaker KLA-Tencor [KLAC], also contributed to the round. The early seed funding from 2006 took the form of a convertible note, which was rolled into the Series A round. - Paul Bonanos

See 2006 press release from BioNanomatrix
See May 2007 post from GigaOm

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