NEW YORK — Swedish diagnostics firm Elypta said on Monday that it has raised $21 million in Series A financing. The round was led by Bonnier Ventures, a Stockholm venture capital firm.
Elypta said it will use the proceeds to develop and validate blood and urine tests for multi-cancer early stage detection in asymptomatic adults. The company is also fashioning its test to detect kidney cancer recurrence. Elypta's diagnostics rely on profiling glycosaminoglycans (GAGs) as markers of cancer metabolism.
Elypta CEO Karl Bergman in a statement called the Series A a "pivotal moment" for the firm as it will fund the development of its tests for two indications. Elypta currently has two multicenter studies in progress, one focused on multi-cancer early detection and the other on kidney cancer recurrence. The firm believes its approach, focused on metabolism-based markers rather than cell-free DNA, could give it a market advantage.
Existing investors Navigare Ventures, Industrifonden, Norrsken VC, Nina Capital, Chalmers Ventures, and Hillclimber also took part in the Series A round.