NEW YORK — Single Technologies said on Thursday that it has raised €5 million ($6.1 million) through an oversubscribed share offering, which it will use to accelerate development of its 3D sequencing platform.
The financing included existing investors, as well as new investors Jens von Bahr, Rothesay, Cygnus Montanus Trust, Ulf Landegren, and Andreas Ehn.
Single's sequencing platform uses a rapid confocal scanning system and a proprietary nanofluidic technology but does not require changes to existing sequencing chemistries. The company, which raised about $1.6 million earlier this year, has said its technology could potentially exceed Illumina's NovaSeq in throughput while lowering sequencing costs.
"Single Technologies is aiming for an ultra-high-throughput solution based on our patented 3D sequencing technology, which enables both NGS and spatial sequencing," Single CEO Johan Stroemqvist said in a statement. "This new funding will enable us to finalize automating our 3D sequencing process, make it more robust, and improve quality for both whole-genome sequencing and transcriptomics applications."
He added that the company intends to open its first data sequencing production site in Stockholm by 2022.