July 31, 2018 / 5:14 PM / in 3 months

Mammoth Bio raises $23 mln to fund CRISPR-based technology

July 31 (Reuters) - Mammoth Biosciences said on Tuesday it raised $23 million in funding as the biotech startup aims to build a disease detection platform based on CRISPR technology for use at hospitals and homes.

CRISPR works as a type of molecular scissors that can trim away unwanted parts of the genome, and replace them with new stretches of DNA.

It has quickly become the preferred method of gene editing in research labs because of its ease of use compared with older techniques.

The funds from the Series A funding round will help the San-Francisco-based company build its infrastructure and intellectual property portfolio, Mammoth said.

The round was led by venture capital firm Mayfield with participation from NFX and 8VC. (Reporting by Manas Mishra in Bengaluru; Editing by Anil D’Silva)

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