Single Technologies has announced the completion of an oversubscribed €5 million share issue to existing and new shareholders.
Among the new investors are Jens von Bahr, Rothesay Ltd, Carl-Henric Svanberg funded Cygnus Montanus Trust, Professor Ulf Landegren and Andreas Ehn.
Accelerate development of the 3-D sequencing platform
The funds will be used to accelerate development of the company’s 3-D sequencing platform.
“Single Technologies is aiming for an ultrahigh-throughput solution based on our patented 3-D sequencing technology, which enables both NGS and spatial sequencing,” explains CEO Johan Stroemqvist. “Already we are experiencing a massive increase in demand for NGS data across almost all aspects of the life science industry and health care, but also growing in other industries such as data storage, forensics and agriculture.”
“The demands come from new ambitious projects such as the Human Cell Atlas, which are looking to sequence transcriptomes at the single cell level and reveal how cell types are spatially organised in whole organs. It’s further becoming clear that ultrafast reading rates will also be key to energy-efficient storage of data in DNA libraries. In the clinical field, liquid biopsies are coming into mainstream use and again they typically require deep sequencing. This new funding will enable us to finalize automating our 3-D sequencing process, make it more robust and improve quality for both Whole Genome Sequencing (WGS) and transcriptomics applications. The ambition is to open our first data sequencing production site in Stockholm by 2022,” adds Stroemqvist.