Transcriptic bags $4.1M in total funding to automate scientific research in the US
Transcriptic closed a total of $4.1 million in funding to automate the scientific research process, according to TechCrunch.
Founded by Duke biomedical engineering student Max Hodak, Trancriptic is a scientific outsourcing startup and service provider that uses automation and robots to make scientific research faster and more affordable. The company is basically a remote lab equipped with software and robots that performs studies and trials within a shorter time frame compared to the average Contract Research Organization (CRO). In other words, it is a Science-as-a-Service, the report explained.
At present, the startup's clients include researchers at Stanford, UCSD, Caltech, Harvard, University of Chicago, and MIT, the report added.
In 2012, Transcriptic raised $1.2 million in a seed round led by Google Ventures. This week, an IA Ventures-led financing added $2.8 million to the startup's capital. Google Ventures, Data Collective, Boost.vc, and AME Cloud Ventures provided additional backing to the financing. The latest round brings the company's total raised capital to $4.1 million, the report detailed.
Although Hodak did not share more details about his plans for Transcriptic, the company seems to be gearing towards expansion in terms of services, research coverage, and workforce. In addition, the startup wants to obtain more equipment for its services, TechCrunch reported.