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Swedish Diagnostics Firm Elypta Raises €6.1M

NEW YORK – Elypta said on Thursday it has raised €6.1 million ($6.8 million) in a late seed funding round. The Stockholm-based company said it will use the funds to develop its metabolism-based liquid biopsy platform.

Industrifonden and Sciety, Stockholm-based investment firms, led in the round, which closed last month. Norrsken VC, a new Swedish investment fund backed by the Norrsken Foundation, also contributed as an investor. Barcelona, Spain-based Nina Capital and Gothenburg, Sweden-based Chalmers Ventures, both existing investors, also took part.

In conjunction with the investment, Jonas Jendi, an investment manager at Industrifonden, has joined Elypta's board.

Elypta has developed a urine-based test for the early detection of recurring kidney cancer. CEO Karl Bergman said in a statement that the new funds will allow the company to "execute on our plans and make our first test available to urologists and patients, as well as for research across pharma and academia."

Last year, the company was awarded €2.4 million in EU Horizon 2020 funding to support a multicenter prospective trial of the test. Its assay relies on a panel of metabolites to identify signatures indicative of kidney cancer in blood and urine using, in part, machine learning tools.