Lab7 Systems, Inc. announced a first closed of $60,000 on its $400,000 convertible note placement. Three investors participated to the non-brokered financing. The offering’s estimated net proceeds will reach $155,000. $245,000 of the proceeds are earmarked for the payment of officers’ salaries. The company already raised $500,000 in a debt offering which successfully closed within nine months in March 2013.
Lab7 Systems’s application aims at reducing the level of hands-on data management by bioinformaticians, scientists, and IT teams who are struggling with the massive amounts of next generation DNA sequencing data that are being generated. The company developed a comprehensive big data workflow solution for providers, users and managers of next-generation sequencing services. The platform enables the management of samples, data, analyses, and meta-analyses with instantaneous job control and auditing tools. The company anticipates that its platform will reduce the burdened cost of DNA data handling by over 80%. The platform is available in beta.
The company, located in Austin TX, was founded in December 2011 by Christopher E. Mueller (CEO).