Kitchener healthtech startup Nicoya Lifesciences has raised a $20 million Series A extension to assist in the continuing development and commercialization of its digital proteomics solution Alto, which helps scientists accelerate drug discovery.
The new financing will go towards the development and commercialization of Alto as well as increasing headcount.
The round was led by Whitecap Venture Partners and included participation from strategic investor Agilent Technologies, as well as Export Development Canada, BDC Capital, MaRS IAF, and Garage Capital.
Nicoya aims to help scientists better understand and treat diseases by providing them with best-in-class tools for scientific discovery.
Their label-free biosensor platform, Alto, integrates surface plasmon resonance (SPR) with digital microfluidics (DMF) to revolutionize the way biologics developers approach biological assays and tackle challenging drug targets. This disruptive technology platform is broadly applicable to the most advanced therapeutic approaches, saving precious time and money.
Nicoya began as a spinoff from the University of Waterloo in 2012 and currently has a team of over 100 employees.