Elypta has raised €6.1 million in a late seed funding round closing in December 2019 and led by Industrifonden and Sciety.
Norrsken Foundation’s newly raised impact fund also contributed, marking the first time the three entities have invested together. Other investors included Barcelona-based seed fund Nina Capital and Chalmers Ventures who has been an owner since inception.
The company will use the funds to complete development of its laboratory kits and software for measurement and analyses of a panel of metabolites identified by Elypta’s co-founders – professor Jens Nielsen at Chalmers University of Technology and Dr Francesco Gatto, Chalmers and also CSO at Elypta – as most promising for cancer diagnostics.
“We are delighted with our new and current investors. Our team is more committed than ever to make this new layer of non-invasive information available to clinical diagnostics,” said Francesco Gatto.
The largest study to date in kidney cancer diagnostics
Elypta’s technology is being developed to ultimately be validated across multiple cancers and address a global market. The initial application will be a urine test for early detection of recurring kidney cancer, a condition where there are no suitable tests currently available. The application is currently being explored through the AURORAX-87A study (NCT04006405), the largest study to date in kidney cancer diagnostics funded by a €2.35 million grant to Elypta from the EU Horizon 2020 program in 2019.
“Our first objective is to improve follow-up of kidney cancer patients. Prognosis is very poor if a tumor recurs after surgery and by providing a safe urine test which can be used more frequently than CT (computed tomography) we hope to enable earlier detection and ultimately open a window for curative treatments,” said Elypta CEO Karl Bergman. “This funding allows us to execute on our plans and make our first test available to urologists and patients, as well as for research across pharma and academia. We are also excited to have a syndicate of investors on board who not only share our vision, but also expand our network and adds significant experience to the team.”
“A great opportunity”
“Elypta combines novel science, data analytics software and a solid clinical validation plan, making them an excellent fit for our healthtech investment focus. The team is hard at work turning exciting scientific data into highly sensitive and cost-effective cancer diagnostics. We believe Elypta has a great opportunity to improve the standard of care in this challenging and important field,” says Jonas Jendi at Industrifonden who will be joining Elypta’s board.
“Elypta has the potential to impact the lives of millions of people, as its solution can increase the survival rate for one of the most common causes of death: cancer. Norrsken is proud to support this strong team as they continue to work on developing this groundbreaking methodology of early cancer detection,” says Tove Larsson, General Partner at Norrsken VC.
Photo of Francesco Gatto, CSO at Elypta