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Yuri Milner invests millions into GenapSys

By VCPOST Staff Reporter | Nov 15, 2013 01:16 AM EST
This photo shows Russian millionaire and entrepreneur Yuri Milner in a forum in Paris. (Photo : Reuters)

Russian millionaire and venture capitalist Yuri Milner poured millions into genetics upstart GenapSys. The biotech company raised a total of USD47 million from the Series B funding round. This was according to a report published by VentureBeat.

Milner aims to take advantage of the falling cost of sequencing human genes. The Russian entrepreneur recently invested in another genetics startup called 23andme, said the report.

Geneticists believe that most people will have their genes sequenced in the near future. GenapSys is one of the biotech firms that helps turn this vision into reality. The company is based in Redwood City, California. Its low-cost gene sequencing platform is called GENIUS 110. The system aims to sequence a genome for only USD50. GENIUS 110 also aims to have an accuracy of over 99.7%, the report said.

Other GenapSys investors who participated in this funding round include Decheng Capital, Stanford's StartX fund, IPV Capital, and several private and institutional investors.

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