US-based biological detection system developer Ultivue today raised $22m in a series C round that included Applied Ventures, the corporate venturing unit of semiconductor equipment manufacturer Applied Materials.
Venture capital firm Northpond Ventures led the round, investing alongside 6 Dimensions Capital, the investment vehicle formed by medical research firm WuXi PharmaTech’s corporate venturing arm, WuXi Healthcare Ventures, as well as Yonghua Capital and Arch Venture Partners.
Ultivue is creating an imaging kit that is designed to help locate biomarkers, naturally occurring molecule, gene or characteristics by which the presence of diseases can be identified.
In addition to expanding its portfolio of UltiMapper kits, the capital will bolster Ultivue’s international market presence by investing in sales, scientists and marketing, with a focus on Asia.
Michael Natan, chief executive of Ultivue, said: “This latest round of financing sets the stage for substantial growth and allows us to continue developing the innovation to meet the evolving needs of our customers in translational and clinical research.”
Arch Venture Partners previously led the company’s $20m series B round in January 2018, investing alongside Applied Ventures, 6 Dimensions Capital, Frontline BioVentures, Yonghua Capital and Sangel Capital.
That round added to the $5.2m series A funding Ultivue collected from Arch Venture Partners and angel investor Hansjoerg Wyss in 2015.