Kitchener medical technology firm Nicoya secures $10 million in funding – TheRecord.com

KITCHENER A medical technology firm has received a major financial boost in its mission to improve lives by helping researchers better understand and treat diseases.

Nicoya has secured $10 million in Series A financing through Toronto-based Whitecap Venture Partners, along with Garage Capital, MaRS Investment Accelerator Fund, the Laurier Startup Fund, the University of Waterloo Student Venture Fund, and others.

Tuesday's funding announcement is the culmination of months of discussions, said Ryan Denomme, Nicoya's CEO and co-founder .

"Whenever you get to the finish line it's a really good feeling because you have all these ideas and plans," he said. "It really does give you the freedom to execute on the vision of the company."

Nicoya's product, OpenSPR, is a nanotechnology-enabled biosensor that measures how molecules interact in real time and gives scientists and researchers far more insight into how diseases work, allowing them to design and develop better treatments.

Launched in 2012, the company's scientific instruments are used by hundreds of the world's leading researchers in academia, government, biotechnology and pharmaceutical labs in more than 40 countries.

"There's a lot of interest in cancer drugs, a lot of research into things like Alzheimer's, cardiac disease, and viral diseases as well," said Denomme.

"The team at Nicoya are creating disruptive, world-class technology that is aiding in the development of life saving drugs that have the potential to change the way people live," said Russell Samuels, partner at Whitecap Venture Partners.

This is the largest funding announcement in the company's history. It will help Nicoya expand from 50 employees to about 80 by the end of the year. It will also help launch a new product, but the company isn't ready to share details about that yet.

Nicoya moved into a new location on King Street East in downtown Kitchener in late 2018 and still have room to expand, Denomme said. The majority of its workforce is local.

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Kitchener medical technology firm Nicoya secures $10 million in funding - TheRecord.com