SAN FRANCISCO (December 12, 2012) — Transcriptic, a start-up biotech company that is developing next-generation lab automation and virtualization technology, today announced $1.2 million in seed funding from a broad group of investors including Google Ventures and FF Angel, and private investors Mark Cuban and Naval Ravikant. In addition, more than 60 individual accredited investors participated through a partnership between AngelList and SecondMarket making Transcriptic the first company to raise a significant equity round online.
"To our knowledge, this is the most widely subscribed seed round to date with over 70 investors participating,” said Transcriptic founder Max Hodak. “We're already seeing the benefits of having such a broad base of support helping us including several top-tier venture capital groups and outstanding angel investors."
Investors participating through the AngelList - SecondMarket partnership could invest as little as $1,000 through their SecondMarket brokerage accounts. The online investment option was added late in Transcriptic’s fundraising process and quickly gathered interest for more than $500,000, despite being shared with only a small fraction of AngelList and SecondMarket’s investor bases. The company ultimately accepted $150,000 through the SecondMarket fund.
"Max has a novel and compelling concept and is backed by some of tech's best-known investors. I was excited to share the deal on AngelList,” said Naval Ravikant, AngelList’s founder.
Transcriptic is developing tools that re-imagine the life science research lab. "Biology research will shift from requiring a million dollar lab and painstaking hours working by hand to something done through a laptop from Starbucks," Mr. Hodak explained. "Our technology represents a very sharp break from tradition in this industry."
“Transcriptic is creating technologies that have the potential to impact biology in the same way that cloud computing has impacted information technology,” said Wesley Chan, general partner at Google Ventures. “We are impressed with Max’s vision, team knowledge, and expertise and look forward to working with them as they scale their operations.”
Transcriptic's first product, a molecular cloning service, has served as a stepping stone for the underlying platform that was developed and tested with live customers over the last few months. The company is now accepting new customers for that product on a limited basis before it releases a broader service in 2013.
Transcriptic (https://www.transcriptic.com) was founded to make basic research in the life sciences faster, cheaper, and more repeatable. Transcriptic develops and operates automation technology for running experimental protocols without any of the costs traditionally associated with running a professional research lab. Transcriptic’s first product is an on-demand molecular cloning service designed to take the frustration out of plasmid creation.
About Google Ventures
Google Ventures provides seed, venture and growth stage funding to the most innovative and promising entrepreneurs across a variety of stages. Founded in 2009, Google Ventures helps its entrepreneurs succeed by providing access to uniquely hands-on and dedicated resources such as its Design Studio, Marketing, Recruiting, and Engineering Teams, and Startup Lab. The Google Ventures team has extensive entrepreneurial experience, deep technical knowledge and expertise in building high growth, scalable products and companies. Among its 100+ investments are Nest, Kabam, HomeAway, DocuSign, ngmoco, and WhaleShark Media. Google Ventures is headquartered in Mountain View, Calif. with offices in Cambridge, Mass., Seattle, Wash. and New York, N.Y. For more information, please visit www.googleventures.com.
About FF Angel
FF Angel is Founders Fund’s seed-stage investing arm. Founders Fund, whose partners and funds were the first outside and institutional investors in companies including Facebook and SpaceX, is a San Francisco based venture capital firm that invests in transformational technology businesses. The firm is distinguished by the entrepreneurial experience of its investment partners: Peter Thiel, Ken Howery, Luke Nosek, Brian Singerman and Sean Parker – successful founders of companies worth $1 billion or more – and by its novel pursuit of investments in companies that seek very large markets, usually through significant technological breakthroughs.
AngelList (http://angel.co) is the world's most active online platform for fundraising and recruiting startups. Nearly 2,000 startups from all over the world have met over 5,000 sophisticated investors via AngelList and have then gone on to raise over $1.3B in subsequent funding. AngelList has also facilitated over 20,000 introductions between developers, designers, and recruiting technology companies.
SecondMarket's goal is to revolutionize the financial markets by creating a trusted global platform that more efficiently allocates capital through technology-enabled solutions. Since its founding in 2004, the company has developed the largest centralized community of qualified institutional and individual investors, and facilitated billions of dollars of transactions in a variety of unique asset classes. SecondMarket also provides customized capital solutions and innovative tools for fund managers and private companies, enabling them to engage with their stakeholders and the SecondMarket investor community. SecondMarket is backed by FirstMark Capital, The Social+Capital Partnership, Li Ka-shing Foundation, Temasek Holdings, New Enterprise Associates (NEA) and Silicon Valley Bank. SecondMarket is a registered broker-dealer and member of FINRA, MSRB and SIPC and a registered alternative trading system (ATS) for private company stock. For more information, please visit SecondMarket.com.