Elypta secured €6 million in a seed round led by Industrifonden and Sciety.
Elypta, a Gothenburg, Sweden-based cancer diagnostics company, announced getting into an investment agreement for raising €6 million ($6.7M) in capital.
The funding round was led by the Swedish, state-owned, investment company Industrifonden, and by Sciety, and included financial participation from Norrsken Foundation, Nina Capital and Chalmers Ventures.
The money will be used to conclude the development of the company's laboratory kits and cancer diagnostic software. The software uses Elypta’s own proprietary algorithm and database to measure and analyse a panel of metabolites identified by co-founder Professor Jens Nielsen, and co-founder and CSO Dr Francesco Gatto, both of Chalmers University of Technology.
Elypta, founded din 2017 as a spin-out from Chalmers University of Technology and led by CEO Karl Bergman, builds upon research conducted at the Jens Nielsen lab as it developed the first metabolism-based liquid biopsy platform to enable the early detection of cancer and non-invasive monitoring.
Using novel systems biology methodology, the founders identified a specific panel of metabolites that correlate with the presence of cancer. They relied on cutting edge computational methods to conduct a comprehensive and systematic analysis of multiple large data sets and identify patterns in metabolic pathways. The research findings led Elypta to develop a test based on a laboratory kit for measurement of relevant metabolites but importantly also a software that analyses the metabolite pattern identified in a sample, using its own proprietary algorithm and database.