GenVault announced in March 2004 that it had received $10 million in a Series A round of financing
GenVault's Dynamic Archive system enables the efficient storage, extraction, retrieval and exchange of DNA samples paired with clinically relevant information.
GenVault's mission is to build a network of Dynamic Archives across the country that will serve as an efficient exchange for biological samples and information.
It is the only comprehensive sample and data management system on the market that facilitates the large-scale analysis required for pharmacogenomics, diagnostics, forensics and agricultural testing, according to Mitch Eggers, chief executive officer and president of GenVault.
"We are pleased to have secured this round with Domain Associates, one of the life science industry's veteran investment firms", Eggers said.
"With a seasoned investor like Domain on board, GenVault will benefit directly from years of successful life science investing.
"The new funding will allow GenVault to rapidly advance from beta testing to full commercialisation of the Dynamic Archive this summer (2004), and hence initiate the global DNA archiving network".
Jim Blair, a managing member of Domain Associates, noted that "our firm has had previous success with several large biological instrument systems in the past, including Aurora Biosciences, a San Diego-based company sold in 2001 to Vertex Pharmaceuticals after having achieved a $100 million running rate.
"We believe that GenVault fits into the same mold of 'if you build it, they will come'.
