Trains AI with DNA – Fills coffers with 170 million
Single Technologies Secures 170 Million SEK to Advance Cell Analysis Technology
Leveraging its proprietary 3D imaging and DNA sequencing technology, Single Technologies aims to reveal the inner workings of human cells.
The company’s goal extends beyond early disease detection to building extensive biological datasets for training AI models to understand biology.
Single Technologies has recently raised a total of 170 million SEK in two separate funding rounds.
“Until now, we have been primarily a company based on potential, but this fall, we are entering a commercialization phase. With this funding, we will build systems that generate data, which we can then begin to sell,” says Johan Strömqvist, CEO and co-founder of Single Technologies.
The largest portion of the funding comes from the EU, contributing a total of 140 million SEK. Of this, just over 30 million SEK is a grant, while the remainder is a capital investment through the European Innovation Council Fund.
The company also recently secured 30 million SEK from existing shareholders, including venture capital firm Achilles Capital, Evolution Gaming co-founder Jens von Bahr, and angel investor Simon Josefsson.
Ahead of the upcoming launch, Single Technologies’ order book is rapidly growing. The company is currently negotiating multi-million SEK deals with several AI companies, pharmaceutical firms, and diagnostics players, primarily in the US and Europe.
The CEO believes that a key driver of this high demand is the price point.
“We are one of the few companies creating this type of DNA and 3D image data. Our technology can also generate datasets that are a hundred times larger, at one-hundredth of the price per sample compared to what Illumina can offer,” he says.
Single Technologies has previously delivered data to academic customers, along with several other companies. Last year, the company had revenues of just over 3 million SEK.
With new industrial customers on the horizon, the CEO anticipates not only significantly higher turnover in the future but also an increased valuation.
“We will conduct a larger funding round in the second quarter of next year. By then, we will have gained momentum in our operations, and we both believe and hope that we are approaching a billion-SEK valuation,” explains Johan Strömqvist.
Single Technologies
- Founded: 2014 by Johan Strömqvist, Bengt Sahlgren, Annika Bolind Bågenholm, and Raoul Stubbe.
- Business: Develops technology that makes 3D imaging and DNA sequencing both cheaper and faster. The company converts physical DNA into digital data.
- Funding: To date, the company has raised a total of 230 million SEK in external capital.
- Shareholders: Venture capital firm Achilles Capital, Evolution Gaming co-founder Jens von Bahr, Peter Dahlberg (founder of veterinary care company Anicura), and Professor Ulf Landegren (founder of medical technology company Olink).
- Valuation: In the latest external new issue, the company was valued at 344 million SEK, according to the Eivora database.
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