GIC joins $140m investment pool for DNA analysis firm

The company develops a portable DNA/RNA sequencer for customers in 70 countries.

GIC, Singapore's sovereign wealth fund, has invested in the fundraising by DNA/RNA sequencer developer Oxford Nanopore Technologies (ONT). ONT announced that it raised a total of US$140m from other global investors.

GIC did not specify how much it invested in the firm.

According to an announcement, ONT is the developer of the world’s only portable, scalable, real-time DNA/RNA sequencer, with a customer base spanning over 70 countries. Other key investors include China Construction Bank International (CCBI), HostPlus and existing investors.

“The funds raised will be used to support a new manufacturing facility, commercial expansion and the development of new innovative products,” GIC said.

Bryan Yeo, chief investment officer of public equities at GIC, said “Oxford Nanopore has a unique business model of providing accessible, real-time DNA analysis technologies that can be applied to pocket-sized or industrial installations. We believe this will continue to drive growth in their user base as well as in new applications for DNA or RNA sequencing. This investment reflects our confidence in the global demand outlook for DNA information across many industries over the long term.”