UW spinout Nicoya has its sight set on product development and business expansion after a series A round featuring UW Student Venture Fund and Wilfrid Laurier University’s Startup Fund.

Nicoya, a Canada-based bioscience research instrument supplier spun out of University of Waterloo, has raised C$10m ($7.7m) in a series A round featuring the University of Waterloo Student Venture Fund. Whitecap Venture Partners, the VC arm of family office Whitecastle Investments, led the round, which also included Wilfrid Laurier University’s Startup Fund and Mars Investment Accelerator Fund, the vehicle aligned to multi-university commercialisation firm Toronto Innovation Acceleration Partners. Early-stage venture firm Garage Capital helped close out the deal alongside undisclosed additional investors. Founded in 2012, Nicoya creates sensors using optical technology which quickly detects tiny clusters of biomolecules thanks to a combination of artificial intelligence, microfluidics and nanophotonics. The company’s inaugural product, OpenSPR, is a tabletop-sized lab instrument that helps medical and materials researchers study how molecules interact. OpenSPR utilises a biosensor methodology termed surface plasmon resonance, gathering its feedback by bouncing electrons between a conductive material interface and the external environment. The fresh capital supply will aid future product development surrounding drug discovery applications, bolstering Nicoya’s current headcount of 50 to 80 over the next year. Nicoya expects the momentum to drive its entry into new overseas markets and sub-segments within both the biotech and pharmaceutical spaces. The spinout obtained C$2.6m ($1.9m) from Canadian government-owned regional development agency FedDev Ontario in May 2019, according to BetaKit, after a $1.6m round in February 2018 backed by Waterloo Student Venture Fund, the university-focused syndicate Waterloo Alumni Angels and Laurier Startup Fund. VC firm Ripple Ventures and syndicate Golden Triangle Angel Network co-led the latter round, investing with Mars Investment Accelerator, state-owned economic development agency Business Development Bank of Canada, Garage Capital, Angel One, Maple Leaf Angels and Innovation Grade Ventures. Nicoya raised $50,000 in 2015 upon completing accelerator Communitech Rev, and is also a graduate of the University of Waterloo-run program Velocity Garage.

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