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Protein Analysis Firm Nicoya Raises C$20M in Extended Series A Financing Round

NEW YORK – Canadian protein analysis company Nicoya Lifesciences said on Thursday that it has raised C$20 million (US$15.7 million) in an extended Series A financing, bringing its total funding to date to C$35 million.

The extension was led by Whitecap Venture Partners, with participation from Agilent Technologies, Export Development Canada, BDC Capital, MaRS IAF, and Garage Capital. Whitecap also led the earlier $10 million Series A financing in 2020, which enabled Nicoya to grow to over 100 employees and launch an early adopter program.

The new funding will help the Kitchener, Ontario-based company continue to develop and commercialize its Alto surface plasmon resonance (SPR)-based platform and expand into international markets. Alto integrates SPR with digital microfluidics to perform multiplexed and label-free protein characterization.

The company said its products are currently used by over 500 researchers and that it intends to continue expanding in the academic, government, biotechnology, and pharmaceutical sectors.