Sequencing Company Single Technologies Raises $6.1M
Single Technologies has raised €5 million ($6.1 million) through an oversubscribed share offering, which it will use to accelerate development of its 3D sequencing platform.
The financing included existing investors, as well as new investors Jens von Bahr, Rothesay, Cygnus Montanus Trust, Ulf Landegren, and Andreas Ehn.
The company was founded in 2014 following several years of research in single-molecule imaging and biotechnology applications at the Royal Institute of Technology (KTH) in Stockholm combined with R&D in the fiber optical grating industry by the founders of the fiber optical company, Proximion.
Single’s sequencing platform uses a rapid confocal scanning system and a proprietary nanofluidic technology but does not require changes to existing sequencing chemistries. The company, which raised about $1.6 million earlier this year, has said its technology could potentially exceed Illumina’s NovaSeq in throughput while lowering sequencing costs.
– Single Technologies is aiming for an ultra-high-throughput solution based on our patented 3D sequencing technology, which enables both NGS and spatial sequencing. This new funding will enable us to finalize automating our 3D sequencing process, make it more robust, and improve quality for both whole-genome sequencing and transcriptomics applications.Johan Strömqvist, founder and CEO of Single Technologies
He added that the company intends to open its first data sequencing production site in Stockholm by 2022.