10x Genomics

10x Genomics was founded in 2012 by Serge Saxonov, Ben Hindson and Kevin Ness to create advanced testing equipment for use in cellular biology.[2] Prior to starting the company, Saxonov was the founding architect, and director of research and development at 23andMe.[1] Ness left 10x Genomics in December 2016[3] and in 2018, Justin McAnear, Tesla's former finance chief joined the company as CFO.[4]

In August 2018 the company announced its first acquisition, Epinomics, a biotechnology company focused on the development of new techniques for epigenetics research.[5] Four months later, 10x Genomics acquired Spatial Transcriptomics, a biotechnology company working in the field of spatial genomics.[6] In November 2018, 10x Genomics announced expansion plans including opening a manufacturing facility in Pleasanton, California in early 2019.[7]

10x Genomics announced its initial public offering on September 12, 2019, raising $390M.[8][9] The company had revenues of $3.32 million in 2015, $27.48 million in 2016, $71.18 million in 2017[10] and $145 million in 2018.[11]

Saxonov, Hindson, and Ness worked together at Quantalife prior to its acquisition by Bio-Rad in 2011 and left in 2012 to launch 10x Genomics. In 2014 an arbitration dispute was brought against the three cofounders by Bio-Rad, claiming they had breached obligations they allegedly owed to Bio-Rad after it acquired Quantalife. In 2015 an arbitrator determined that the founders of 10x Genomics had not breached their obligation to Bio-Rad when they left the company and denied its claims.[12]

In November 2018, a Delaware jury found that 10x Genomics infringed on several University of Chicago patents which were exclusively licensed to Bio-Rad. 10x Genomics were ordered to pay $24 million in damages to Bio-Rad and a 15 % royalty on sales.[13][14] 10x Genomics appealed the verdict but the decision was upheld in August 2020.[15][16]