Swift Biosciences lands $3 million in venture capital to develop genetic analysis products

By Nathan Bomey Business news director

Posted on Wed, Aug 11, 2010 : 12:43 p.m.

Swift Biosciences Inc., an Ann Arbor-based startup company developing products to improve genetic analysis, raised $3 million in early-stage venture capital, the company announced today.

The firm, led by CEO David Olson, a former chief scientific officer for medical devices startup Accuri Cytometers, secured its "Series A" round of financing in January from DFJ Mercury and several individual investors from Michigan.

The company's products are molecular biology reagents, which help scientists and doctors conduct genetic tests to identify whether patients are susceptible to specific diseases. A reagent is a substance that helps a research identify genetic characteristics.

“This funding will help us accelerate product development and customer testing,” Olson said in a statement. “DFJ Mercury is an ideal partner for us as we grow from the idea stage into commercial launch. We have been fortunate to have the early support of both local and national investors.”

Houston-based DFJ focuses its investments on tech companies, materials and life sciences companies in Texas, Colorado, Illinois and Michigan.

The firm, which has $100 million in capital under management, reportedly received $3 million in funding from Renaissance Venture Capital Fund, which is managed by Ann Arbor investor Chris Rizik.

Contact AnnArbor.com's Nathan Bomey at (734) 623-2587 or nathanbomey@annarbor.com. You can also follow him on Twitter or subscribe to AnnArbor.com's newsletters.

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