Single Technologies raised SEK15 million from JovB Holding et all.

Single Technologies, a Stockholm, Sweden-based biotech company, announced that it secured funding totalling SEK15 million ($1.6 million).

The money was raised via a convertible bond issue from a group of investors led by JovB Holding, a Swedish investment firm. The funding will be used to support further development of its next-generation sequencing platform.

Single Technologies, led by CEO Johan Strömqvist, was founded in 2014 based on research into single-molecule imaging and biotechnology at the Royal Institute of Technology (KTH) in Stockholm, as well as on R&D in fiber optical grating done at Proximion, a fiber optics company based in Kista, Sweden.

The company's platform, Theta, relies on automated fluidics and single molecule-sensitive imaging to improve sequencing throughput. By enabling users to scale their sequencing projects, the company believes its technology will find use in population genomics and single-cell sequencing, among other applications.