The Sciety syndicate invests MSEK 15 in cutting-edge company specializing in DNA sequencing
This week, Single Technologies completed a new share issue of 15 million SEK with Sciety. The company has developed a DNA sequencing solution, which makes it possible to analyse larger amounts of data faster and cheaper than before. The new capital will be used to adapt the instrument for NGS analysis where the company has a large base of potential clients and partners.
Technical progress within DNA sequencing has led to new areas of application in both research and diagnostics. For example, projects are under way to sequence both entire populations as well as extremely small volumes of DNA in order to increase knowledge of rare illnesses and develop new diagnostics. Cost and speed are, however, two limiting factors.
By combining research within imaging, biotechnology and fibre optics, Single Technologies has succeeded in increasing sequencing speed while, at the same time, reducing costs. The company’s technology is based on many years’ research at, among other places, KTH in Stockholm. Currently, the instrument is used at SciLifeLab to deliver data to the Human Cell Atlas project, an international cooperation mapping all human cells. The company has also attracted interest from several leading technology companies in the industry.
“Single Technologies is a high tech company which has patented a new way to tackle today’s DNA sequencing challenges in terms of speed and cost. The company operates in a field with major financial potential and, at the same time, its technology can make possible decisive progress within medicine and research”, says Andreas Lindblom, CEO of Sciety.
The Sciety investment syndicate invested a total of 15 million SEK in the company and the new capital is decisive in achieving its product development goals. Currently, the instrument is used for so-called in-situ sequencing where entire tissue samples are analysed. The company is now working with adapting the instrument for use within NGS, a billion-dollar market with players such as Illumina, BGI Group and Agilent.
“When we can evidence the instrument’s performance within NGS, we expect that the technology will be interesting for a number of important players in the industry. Through cooperation with Sciety, we have new shareholders who can contribute to our development. Sciety has led the process from beginning to end in a structured and effective manner which has been very valuable for us“, says Johan Strömqvist, CEO of Single Technologies.
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