NEW YORK – Spatial single-cell proteomics firm Pixelgen Technologies said this week that it has closed a $7.3 million Series A funding round.
The Stockholm-based company said it will use the funds for commercial expansion of its recently launched spatial proteomics tool for analyzing the quantity and distribution of cell surface proteins on single cells.
Pixelgen uses antibodies tagged with DNA to detect and quantify target proteins and then uses hybridization of those DNA strands to additional nucleic acid strands to localize proteins on the cell surface, allowing researchers to study cell surface protein localization and clustering with high levels of multiplexing.
In June, the company launched its first product, its Single-Cell Spatial Proteomics Kit, which lets researchers analyze up to 76 protein targets.
The Series A round was led by new investor Industrifonden, Sweden's venture capital fund, and Navigare Ventures, an investor in Pixelgen's seed round. Industrifonden Senior Investment Director Patrik Sobocki will join Pixelgen's board of directors.
"We are extremely excited to back Pixelgen," Sobocki said in a statement. "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."
Pixelgen CEO Simon Fredriksson added in a statement that the company has made "great progress" since emerging from stealth less than a year ago. Last month, the firm shipped its first product for drug development and research in immunology, Fredriksson said.