Index Ventures led the Series A round with participation from Marathon, Pentech and EBRD to support team growth and market expansion.
"Finding a new drug can take over a decade in research, development and clinical trials, and requires thousands of experts working together with complex evidence,"
The Series A round was led by Acuity Investments to expand the company's DNA-based bio-monitoring products.
"Forensic scientists have used DNA to identify individuals at crime scenes for years – now we can use our technology to identify the whole range of species, from bacteria to birds, present in the environment using small samples of soil or water. Our technology can identify tiny fragments of DNA left behind by species and pinpoint exactly which species it is from."
The financing round was led by the Dementia Discovery Fund with backing from LifeArc and the UK Future Fund.
"We are delighted that DDF and LifeArc share our mission, addressing the clear need for more effective tools to provide the critical clinical trial data and analysis needed to improve the successful delivery of new CNS therapies to patients. This funding will allow us to build on the ground-breaking advances we have made in remote, frequent monitoring of brain activity and cognitive function in the home, in partnership with leading developers of digital biomarkers. We believe our integrated next generation platform can improve the execution of clinical trials by yielding significant time and cost savings, adding meaningful value to the next generation of CNS therapies."
M&G Investments contributed £35m to the £195m private transaction alongside Temasek, Wellington Management, and Nikon.
"The technology developed by Oxford Nanopore is being used in a broad range of scientific research applications, including to further biomedical science, to characterise pathogens in microbiology and public health. This is an example of how institutional investors can play an important role in accelerating growth in companies that provide a wider benefit to society."