Ultivue Raises $22 Million in Series C Funding

Ultivue, the innovation leader in tissue biomarker identification and quantification assays for translational and pathology research labs, today announced the close of a $22 Million Series C funding led by new investor Northpond Ventures and fueled by existing investors including ARCH Venture Partners, 6 Dimensions Capital, Yonghua Capital, and Applied Ventures. The investment will be used to further extend Ultivue’s leadership position primarily through the expansion of its portfolio of UltiMapper™ kits with an increasing level of product customization. Ultivue will also significantly accelerate its international market presence with increased investments in sales, field application scientists and marketing across all regions with an immediate focus on Asia.

“We are delighted to receive the backing of Northpond Ventures in addition to our existing investors as we advance the field of multiplex biomarker detection and analysis for tissue phenotyping,” said Michael Natan, CEO of Ultivue. “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.”

“The fast market adoption of Ultivue’s reagents and services is making an impact in the field of immuno-oncology research and we are excited to work together with the current investors to drive forward the mission of tissue-based spatial phenotyping,” said Sharon Kedar, Co-Founder, Partner at Northpond Ventures.

About Ultivue

By developing a single set of novel, proprietary reagents used both for biomarker discovery (higher content, low throughput) and translational use (lower content, high throughput), Ultivue is connecting the insights gained from research directly into the pathology lab. Ultivue’s UltiMapper™ multiplexed assays applied to tissue biopsy samples enable simultaneous quantitation of multiple biomarkers with sub-cellular spatial resolution and fit completely within traditional IHC workflows. Translational and clinical researchers leverage UltiMapper assays to elucidate complex biology and demonstrate their clinical utility as precision medicine research tools. Ultivue is expanding its UltiMapper assay product portfolio and menu of contract research services to provide a comprehensive set of precision medicine solutions for oncology research and focus in other therapeutic areas.

Source. Company News Release, Ultivue, June 27, 2019

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Deep Lens wraps up $14M Series A round to improve digital pathology platform

By Erin Dietsche

Deep Lens, a digital pathology company that emerged from stealth mode with $3.2 million last fall, has closed a $14 million Series A round of financing. The company said this brings its total funding to $17.5 million.

Northpond Ventures led the Series A round, and existing investors Rev1 Ventures, Sierra Ventures and Tamarind-Hill Partners also participated.

The Columbus, Ohio-based company said it intends to use the money to advance its AI-driven platform and scale its sales and marketing efforts to support continued growth.

“We will also add to the software development team to ensure that VIPER is the premier platform for AI-driven, digital pathology workflows and clinical trial recruitment,” Deep Lens co-founder and president Simon Arkell said via email.

The aforementioned VIPER (Virtual Imaging for Pathology Education and Research) tool is the company’s flagship technology. It is a cloud-based digital pathology platform that unites AI and advanced pathology workflows while also enabling peer-to-peer and pathologist-to-patient collaboration.

The platform was originally developed for research purposes. Over the course of a decade, the technology was used and refined by various pathologists. Eventually, Deep Lens exclusively licensed VIPER and its image analysis methods.

The goal of VIPER is to help pathologists during clinical trial recruitment. VIPER can pinpoint eligible patients at the time of their diagnosis, thereby increasing the speed of trial recruitment.
The tool has been used on various research projects and at institutions like Mayo Clinic, Memorial Sloan-Kettering Cancer Center and Cleveland Clinic. It is now freely available to pathologists across the globe.

Arkell noted that his startup has signed on multiple institutional customers who will deploy VIPER. The Ohio company has also launched agreements with biopharma clients who can utilize VIPER for clinical trial purposes.

“We are making VIPER free of charge and entering into partnership agreements with all of our institutional users so that we, and they, can benefit from the value add we will provide to the biopharma industry together,” Arkell noted. “Our biopharma customers are prepared to pay to have us help solve problems associated with drug development and clinical trial recruitment, and Deep Lens is on the forefront of that initiative.”

Source. Techcrunch, Erin Dietsche, April 8, 2019

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