Swedish molecular diagnostics firm Elypta has raised €6m in a late seed funding round led by Industrifonden and Sciety.
The company intends to use the funds to complete the development of lab kits and software for the measurement and analysis of metabolic biomarkers, which company leaders have determined as most promising for cancer diagnostics.
Funds have also been contributed by the Norrsken Foundation, as well as Barcelona-based seed fund Nina Capital and Chalmers Ventures.
Elypta was founded in 2017 to develop the first metabolism-based liquid biopsy platform, enabling early detection and closer follow-up of cancer.
The technology is designed to process blood and urine samples, measuring biomarkers and processing them through an artificial intelligence (AI) to detect signatures of cancer.
Elypta CEO Karl Bergman said: “Our first objective is to improve patient follow-up. Prognosis is very poor if a tumour recurs after surgery and by providing a safe urine test which can be used more frequently than computed tomography (CT) we hope to enable earlier detection and ultimately open a window for curative treatments.
“This funding allows us to execute on our plans and make our first test available to urologists and patients, as well as for research across pharma and academia.”
Ultimately, the company plans for its technology to be validated across multiple cancers and used in clinics around the world. Its initial application will be as a urine test for the early detection of recurrent kidney cancer, a condition with no suitable tests currently available.
This application is currently being explored through the AURORAX-87A study, the largest study to date in kidney cancer diagnostics, which has been funded by a €2.35m Horizon 2020 grant.
Industrifonden investment manager Jonas Jendi said: “Elypta combines novel science, data analytics software and a solid clinical validation plan, making them an excellent fit for our healthtech investment focus. We believe Elypta has a great opportunity to improve the standard of care in this challenging and important field.”