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Akoya Biosciences Closes $50M Funding Round

NEW YORK – Akoya Biosciences said today that it has closed a $50 million funding round.

The Menlo Park, California-based company plans to use the proceeds to fund operation and commercial growth as well as development of its Codex and Phenoptics spatial omics platforms.

The financing was led by Piper Jaffray Merchant Banking and included previous investor Telegraph Hill Partners. New investors included Agilent Technologies and Innovatus Capital Partners. It follows a 2018 Series C round that Akoya used to fund the $37 million acquisition of PerkinElmer's Phenoptics portfolio.

"Akoya is transforming how immunotherapies are developed, from discovery of novel biomarkers in the tumor microenvironment, to deploying high-throughput, highly sensitive information to direct patient therapies." Thomas Schnettler, managing director at Piper Jaffray, said in a statement. "Our investment represents our confidence in Akoya's relentless execution to deliver the next generation of pathology tools."

Schnettler has also joined Akoya's board of directors.

Akoya's platforms allow for multiplexed imaging of protein markers at the single-cell level.