Lineagen Lands $3.5M

Salt Lake City-based molecular diagnostics startup Lineagen said today that it has raised $3.5M in a Series C round of funding. The funding was led by Signal Peak Ventures and Sanderling Ventures, and also included PrairieGold Venture Partners, Mesa Verde Venture Partners, Archipel Capital, University Venture Fund, Hatteras Funds, and KickStart Seed Fund. The company said the funding included $2.6M in equity plus $0.9M in convertible senior subordinated notes. The deal also included the conversion of $12.6M in outstanding promissory notes into shares of Series B preferred stock. Lineagen is developing genetic testing, counseling, and development screening services for identifying genetically linked disorders, particularly in the area of screening for autism. More information »