Nicoya Lifesciences raises $2 million in its latest financing round. Nicoya’s financing round was filled entirely by investors in the Toronto-Waterloo Corridor. The financing round 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.
“Investing in Nicoya was a no-brainer for us. This financing really highlights the growth and success of angel investing in Ontario. A record eleven angel investors from GTAN, as well as ten other angels from Maple Leaf One and Angel One, participated in this oversubscribed raise,” says Brian Hunter, President of NorthSpring Capital Partners and co-lead for GTAN.
Launched in 2012 out of the University of Waterloo, Nicoya Lifesciences uses nanotechnology to reduce the cost and complexity of scientific instruments to make them accessible to everyone. By using highly sensitive biosensors, these instruments allow scientists to better understand diseases and develop new drugs to treat them. Their instruments have helped many researchers in more than 25 countries to accelerate new discoveries and help extend human life throughout the world.
“The entire Nicoya team have built a product that lets academic & private institutions run tests at a fraction of the cost,” says 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.”
Nicoya Lifesciences’s team of engineers and scientists have extensive experience working at the forefront of nanotechnology, biochemistry, and optical sensors. They are based in Waterloo, Ontario – Canada’s Silicon Valley.
“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,” says Ryan Denomme, Nicoya Lifesciences co-founder and CEO.
The funding will support new product development and expand sales and marketing.