Kitchener-based Nicoya Lifesciences has raised $2 million.
The funding was led by Ripple Ventures and GTAN, with participation from MaRS IAF, BDC, Garage Capital, Angel One, Maple Leaf Angels, Innovation Grade Ventures, the Laurier Startup Fund, the University of Waterloo Student Venture Fund and the Waterloo Alumni Angels.
Nicoya launched in 2012 as a spin-out company from the University of Waterloo. The company uses nanotechnology to create more affordable protein testing solutions for medical researchers, and said their instruments have been used by hundreds of researchers in over 25 countries. The funding will be used to support new product development.
“We are developing some of the most advanced biosensor technologies in the world and we are
excited about the impact they will have on human health in the future," said Ryan Denomme, Nicoya Lifesciences co-founder and CEO.
Nicoya received $50,000 from the Communitech Rev Awards in September 2015.
“The entire Nicoya team have built a product that lets academic and private institutions run tests at a fraction of the cost,” said Matt Cohen, managing partner of Ripple Ventures. “We are confident that their data-driven sales strategy will accelerate their time to market and quickly disrupt the fragmented SPR industry. Ripple Ventures is thrilled to co-lead this investment in Nicoya Lifesciences.”