The University of Waterloo spinout has been backed by university-linked investors as it prepares to expand its range of biosensor nanotechnology products.
Nicoya Lifesciences, a Canada-based biosensor nanotechnology spinout from University of Waterloo, has secured C$2m ($1.6m) from investors including University of Waterloo Student Venture Fund and the university-focused syndicate Waterloo Alumni Angels, Betakit has reported.
The round was co-led by VC firm Ripple Ventures and syndicate Golden Triangle Angel Network.
Wilfrid Laurier University’s Startup Fund also backed the round, as did the Mars Investment Accelerator Fund, state-owned economic development agency Business Development Bank of Canada, Garage Capital, Angel One, Maple Leaf Angels and Innovation Grade Ventures.
Founded in 2014, Nicoya is developing biosensor nanotechnologies for the biotechnology, life sciences and healthcare sectors. Nicoya’s products include OpenSPR, a sensor surface designed to reduce the costs of bio-interactive research, and the spinout’s technology has already been used in more than 25 countries.
The cash will be used to fund the development of additional Nicoya products. Nicoya was co-founded by Ryan Denomme, who once managed Waterloo’s Sensors and Integrated Microsystems Laboratory, along with John Dick, one of his former research assistants.
Nicoya received a $50,000 investment in 2015 after graduating from the Communitech Rev sales accelerator. It also participated in Waterloo’s Velocity Garage incubator and a program run by the Accelerator Centre.
