US-based biological imaging system developer Ultivue has completed a $20m series B round led by venture capital firm Arch Venture Partners and backed by semiconductor equipment manufacturer Applied Materials.
The round included 6 Dimensions Capital, the investment vehicle formed by medical research firm WuXi PharmaTech’s corporate venturing arm, WuXi Healthcare Ventures, and VC firm Frontline BioVentures, as well as Yonghua Capital and Sangel Capital. Applied Materials invested through its Applied Ventures unit.
Ultivue is developing an imaging system to help identify biomarkers – naturally occurring biological characteristics sought by precision medicine researchers as a signpost to the presence of diseases or other adverse conditions.
The cash will enable Ultivue to finish development of its InSituPlex system, which overlays multiple clusters of antibodies grouped to DNA barcodes and then highlights potential biomarkers, and plans to release it later this year.
Ultivue expects to deploy the technology for translational and clinical research purposes, but plans to also develop versions for research conducted in vitro, the technical term for tests conducted outside of organisms.
Leon Chen, chief executive of 6 Dimensions Capital, has joined the Ultivue board of directors in conjunction with the investment. Ultivue had already raised $5.2m in a 2015 series A round featuring Arch Venture Partners and angel investor Hansjoerg Wyss.
Michael Natan, Ultivue’s CEO, said: “We have assembled an exceptional team to develop and commercialise InSituPlex technology for tissue sample analysis, and we are delighted to have the support of investors who share our commitment to offer disruptive solutions in health science.”