Stockholm-based startup Pixelgen Technologies has successfully closed a $7.3 million Series A financing round led by Industrifonden and Navigare Ventures, aimed at supporting the commercial expansion of their spatial proteomics tool for single cells, designed to analyze cell surface proteins and revolutionize drug discovery and basic science. The startup specializes in spatial proteomics, utilizing their Molecular Pixelation technology to analyze cell surface proteins and their spatial interactions, with the goal of advancing drug discovery and diagnostics. Pixelgen Technologies plans to utilize the funding from their Series A financing to support the commercial expansion of their spatial proteomics tools, particularly their recently launched technology for analyzing cell surface proteins on single cells, enabling them to further advance drug discovery and basic science applications.
Pixelgen Technologies is a Swedish company founded in 2020 by a team of innovative and experienced entrepreneurs with a vision to bring a new dimension to biology through spatial proteomics. They have developed Molecular Pixelation, a DNA-based visualization technology, to analyze cell surface proteins and their spatial inter-relationships. By doing so, they aim to gain unique insights into cellular activities that can lead to the development of improved medicines and diagnostics. Pixelgen is headquartered in Stockholm and has positioned itself at the forefront of spatial proteomics, with a commitment to advancing drug discovery and basic scientific understanding.
“Pixelgen has made great progress since we emerged from stealth less than a year ago. Last month we shipped our first product to advance drug development and research in immunology, and we’ve expanded our team with top talent,” said Pixelgen CEO Simon Fredriksson, Ph.D. “As we enter this next phase of growth, we are grateful and honored to have the support and expertise of Industrifonden and Navigare Ventures and look forward to their contributions.”
In conjunction with the financing, Industrifonden Senior Investment Director Patrik Sobocki, Ph.D., will join Pixelgen’s board of directors. Sobocki brings decades of experience in healthcare, technology, and entrepreneurship to the board, in addition to his background in international research and development and commercial leadership roles in global pharmaceutical companies.
“We are extremely excited to back Pixelgen. Its team of strong serial entrepreneurs with unicorn outcomes and a unique technology foundation combining advanced molecular research and computational innovation fit perfectly with Industrifonden’s deep tech investment strategy and expertise in computational biology. We are honored to support Simon and his team to become a category leader within spatial proteomics in the coming decade,” said Sobocki.
“With category-defining technology and applications in rapidly expanding markets, Pixelgen is well positioned for growth,” added Navigare Ventures Investment Manager Alex Basu, Ph.D., a Pixelgen board member. “We look forward to continuing to support Pixelgen as it expands and builds its portfolio of products for drug research and development.”
Originally published on ArcticStartup : Original article