Sequencing technology has advanced significantly over the past decade. The sequencing market is currently approximately $4 billion and is growing by about 20% each year. Despite past advances, a significant amount of critical information remains inaccessible. 10X Genomics aims to solve this problem with its new sequencing platform, GemCode, which delivers otherwise missing genetic information by dramatically upgrading the capabilities of existing short read sequences. They do this through a combination of elegant microfluidics, chemistry and bioinformatics. With GemCode researchers are now able to find structural variants, haplotypes, and other valuable long-range information while leveraging existing sequencing workflows.
Foresite Capital believes that 10X Genomics will not only take a portion of the existing market but will also substantially grow it. We made our first investment in 10X Genomics in the Series A financing in November of 2013. At that time, the company had proof of concept, a world-class leadership team, and a clear path to product launch. Throughout the course of a year the 10X Genomics management team continuously executed each milestone. In December of 2014 Foresite Capital lead the $55 million Series B financing to further support the company’s product launch and further development. 10X Genomics launched the GemCode platform in February of 2015 at the Advances in Genome Biology and Technology (AGBT) meeting. AGBT is recognized as the cornerstone for the genomics community and 10X Genomics launch was highly anticipated and enthusiastically received by industry and the financial community.