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Governor Announces $1.5 Million Investment In Armonica Technologies, Inc.

on August 23, 2017 - 7:59am
ALBUQUERQUE  Monday, Gov. Susana Martinez announced a $1.5 million investment in Armonica Technologies, Inc. Armonica is the second New Mexico startup to receive Catalyst Fund investment, which leverages private investment for early stage startups - anchoring them in New Mexico.
"This is an example of a homegrown startup that is going to stay right here in New Mexico and help grow our high-tech sector," Martinez said. "Because of the Catalyst Fund and investments just like this one we will continue to grow and diversify our economy. I'm proud to help companies like Armonica get off the ground and thrive."
Martinez recently announced the Catalyst Fund, a $40 million partnership between the State Investment Council, which the Governor chairs, and private-sector investors. These funds will invest in seed and early-stage companies with a focus on tech companies. It is expected the Catalyst Fund will support over 50 companies in New Mexico. 
Armonica Technologies, Inc. is an Albuquerque based company in the development stage focused on building its proprietary long-read DNA sequencing technology.  The Company's mission is to become the gold standard of DNA sequencing for precision medicine research applications. Armonica's technology is based upon a portfolio of patented and patent pending technologies licensed from STC.UNM.
"We are very pleased to have the Catalyst Fund, Tramway, Cottonwood, and NMSIC Focused back us. This capital will provide the resources to accelerate the development of our innovative platform, which will ultimately provide tremendous benefits for genomic research capabilities," Scott Goldman, President & CEO of Armonica Technologies said. 
The Catalyst Fund has leveraged 5 to 1 investments from private sector investors. It capitalizes on New Mexico's history of strong and successful research and development. The fund will help catapult ideas from New Mexico research institutions - including federal labs and universities - and into the market.  
"We are excited to be investing in Armonica because of its outstanding team and the transformative impact long-read DNA sequencing will have on drug discovery and diagnostic capabilities. The Armonica approach eliminates expensive and time consuming library prep, and the extensive computation necessary to assemble current short-read sequences into useful information," said Waneta C. Tuttle, Fund Manager, Tramway Venture Partners, LP.
Today's standard genome sequencing approaches require extensive library preparation, and create a massive computational and bioinformatics problem related to reassembling the data set. Armonica's technology, called optical nanopore sequencing, uses proprietary nanochannels to deliver single DNA molecules through nanopores. 
Nanopore sequencing produces long DNA strings, or 'long reads' which provide more accurate identification of genome variations and abnormalities. Armonica's approach will lead to a more thorough, faster, and accurate genomic analysis compared to today's approaches without the need for library preparation. The Company's innovative platform will enable life science researchers to be more efficient, accurate and productive in their research and discovery capabilities.
"Long-read DNA sequencing has been a long sought after capability to enhance the accuracy and ability to understand the next level of intricacies within the genomic code, but difficult to technically achieve. Armonica's approach is unique in its simplicity and ability to scale, and therefore its ability to deliver full analytics quickly with the prospect of a price point below current short-read approaches. We are excited to be part of a great team in bringing this technology to market." said Dave Blivin, Managing Director of Cottonwood Technology Funds.