Catalog, a Boston, MA-based leader in automated DNA-based digital data storage, secured $35m in Series B funding.
The round was led by Hanwha Impact.
The company intends to use the funds to accelerate the development of a computing platform where both data management and computation occur through the manipulation of synthetic DNA and create an ecosystem of collaborators, partners, and users of DNA-based computing.
Founded in 2016 by MIT scientists and led by CEO Hyunjun Park, Catalog develops a commercially viable DNA-based solution which draws on the natural characteristics of DNA to build a data and compute platform energy efficient, scalable, and secure.
The company has also discovered the means to incorporate DNA into algorithms and applications with potential widespread commercial use through its proprietary data encoding scheme and novel approach to automation. Expected areas of early application are artificial intelligence, machine learning, data analytics, and secure computing. In addition, initial use cases are expected to include fraud detection in financial services, image processing for defect discovery in manufacturing, and digital signal processing in the energy sector.
FinSMEs
04/10/2021