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Advanced Cell Diagnostics Completes $22 Million Series C Equity Financing
Proceeds Will Accelerate Commercialization and Launch of New Technology Platforms
Advanced Cell Diagnostics, Inc. (ACD), a world leader in the field of in situ nucleic acid detection for life science research and clinical diagnostics, announced today that it has raised $22 million in Series C equity financing, led by growth equity investor Summit Partners with participation from Kenson Ventures and existing investors, Morningside Ventures and New Leaf Venture Partners.
Proceeds from the financing will be used to accelerate the entry into the research and clinical diagnostics markets and launch new innovative technology platforms based on ACD's proprietary RNAscope® technology.
“ACD is a clear marker leader in in situ RNA detection, as validated by their rapid growth in revenue and strong customer base. Summit is excited to work with the company to expand its innovative products into new market sectors across the globe and to establish its RNAscope technology as a major diagnostic platform for precision medicine,” said Harrison Miller, a Managing Director with Summit Partners, who will join ACD’s Board of Directors.
“ACD has been on a successful trajectory since its founding. Its RNAscope technology is a game-changer and has become part of the next wave of the genomic revolution. We welcome Summit and other new investors to join the team as we move forward," said Dr. Gerald Chan, Co-Founder of Morningside Ventures.
“We are grateful for the enthusiastic responses from investors in our Series C financing round. It is a strong recognition of the potential of ACD's technology, which has already been featured in over 240 peer reviewed publications. The new funding will accelerate our pace of continued innovation and allow us to aggressively pursue our vision to bring RNAscope technologies to the forefront of precision medicine,” said Dr. Yuling Luo, Founder, President and CEO of ACD, “The company is now well-capitalized to realize this vision.”