Single Technologies has announced the completion of an oversubscribed SEK 15 million convertible bond issue.
JOVB Holding acted as lead investor and the funds will be used to accelerate development of the company’s DNA sequencing platform Theta.
The company was founded in 2014 following several years of research in single molecule imaging and biotechnology applications at the Royal Institute of Technology (KTH) in Stockholm combined with R&D in the fiber optical grating industry by the founders of the fiber optical company, Proximion.
“We are very pleased about the strong interest in the convertible bond issue and it’s great to have someone like Jens Von Bahr of JOVB Holding, with his strong track record in building companies, investing in our company. Single Technologies’ solution will enable faster and more cost-efficient sequencing of DNA in various types of samples. With the new capital we can further develop our Theta technology and with the next capital raise, which is planned before the summer, we believe we are capitalised to launch a solution that will revolutionise Next Generation Sequencing,” said Johan Strömqvist, CEO Single Technologies.