Ebb & Flow

When DNA sequencing company Helicos raised $27 million in its series A financing in 2004, the company did the unthinkable - it turned down money from its VCs. While $27 million is roughly double the size of an average A round, Helicos' five investors - Flagship, Atlas, Highland, MPM and Versant - each wanted to put in more than 20% of the funds.

Last week, those same investors got their chance to inject more money, as Helicos raised $40 million in a B round with the same syndicate. ...