Alithea Genomics closes CHF 2.8 Million in seed financing extension
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This milestone marks a significant step forward in the company’s journey to revolutionise large-scale RNA sequencing and transcriptomics.
Alithea Genomics, an emerging leader in the field of large-scale RNA sequencing and transcriptomics, announced today the closing of a CHF 2.8 million ($3.2 million) extension to its seed financing.
The round was led by the Novalis Biotech Acceleration fund and included new investor TechU Ventures alongside existing investors. The proceeds will be used to continue commercialisation and expand manufacturing capacity of its unique RNA sequencing products, advance the development of new technologies and establish a subsidiary in the United States.
“Since our initial seed investment, the Alithea team has delivered on all its milestones and exceeded our expectations in the progress being made,” said Jan Van den Berghe, co-founder and managing director of Novalis Biotech. “In two short years, we have seen the market for Alithea’s ultra-high throughput RNA sequencing products expand and grow into multiple areas. This injection of capital and opening of the US subsidiary will enable this progress to continue.”
Alithea commercializes massively multiplexed library preparation solutions for RNA sequencing, most notably BRB-seq and DRUG-seq. These technologies enable the preparation of hundreds of RNA samples for sequencing in a single tube and, in the case of DRUG-seq, without the need for RNA isolation. Traditional preparation of samples for RNA sequencing is expensive and time consuming, due to the large numbers of reagents and manual operations that are typically required. Alithea’s BRB-seq technology drastically decreases the cost and time associated with RNA sequencing preparation.
“With the growing expansion of life science research, we see huge potential for applications of Alithea’s RNA sequencing technologies and BRB-seq products on an industrial scale,” said Natanel Barookhian, Managing Partner of TechU Ventures. “This revolution in RNA sequencing means scientists will be able to conduct research in a more rapid and affordable manner, leading to expedited discovery of new therapeutic drugs in the field.”
Source: press release