The Series B round brings Catalog's total funding to $54.2M. Here are the top-line bullets you need to know.
Catalog, a DNA-based computing technology company, has raised $35M in a Series B. The round drew participation from Horizons Ventures and Hanwha Impact.
HOW’S THE COMPANY PERFORMING?
- Massachusetts-based Catalog provides a DNA-driven data storage platform that enables data management, computation, and automation. The system that it has developed is capable of storing 600B GB per cubic meter — in comparison to a traditional hard drive, which is capable of storing 30M GB per cubic meter.
- Its technology enables digital data to be stored in synthetic DNA.
- It expects that its tech will have applications across the financial services, manufacturing, and energy sectors — including fraud detection, defect discovery, and seismic processing.
- It has 20 employees across offices in the US and South Korea.
WHY DOES THE MARKET MATTER?
- The global DNA data storage market is projected to grow at a CAGR of 70.6% and reach a value of $525.3M by 2025, according to ResearchAndMarkets.com
- The increasing rate of data production at individual and enterprise levels has led to increased demand for data storage solutions. However, existing data storage solutions are reaching their capacity limits.