Nicoya, a Kitchener, ON – based provider of advanced analytical instruments for the biotechnology and pharmaceutical industries, raised $10m in Series A financing.
The round was led by Whitecap Venture Partners with participation from existing investors including Garage Capital, MaRS IAF, Laurier Startup Fund, University of Waterloo Student Venture Fund, and others.
The company intends to use the funds to expedite the development of new products focused on drug discovery, grow its team from 50 employees to 80 over the next year, expand its reach to more international markets, and target new opportunities within the biotechnology and pharmaceutical industries.
Led by Ryan Denomme, co-founder and CEO, Nicoya uses nanotechnology, microfluidics, and AI to create products that enable scientists to understand diseases – such as cancer, hepatitis, Alzheimer’s, cardiac, and others – and develop treatments for them. The company’s first product, OpenSPR, is a benchtop surface plasmon resonance (SPR) instrument.