Kitchener-Waterloo-based Rapid Novor, a startup that works on antibody protein sequencing, has raised a $6.6 million CAD ($5 million USD) Series A round of financing.
Rapid Novor recently received funding from NRC-IRAP for COVID-19 research.
The Series A round was led by Co-Win Venture, while other investors were not disclosed. The investment will accelerate the company’s growth in technological and clinical development as it looks to decode the human immune system.
The new financing will also be used to double the Rapid Novor team size in the next two years, which is being supported by an additional 11,000 square-feet of space in Kitchener-Waterloo’s Catalyst137 building.
“Our technology development is at the tipping point to make direct decoding of the antibody-mediated immune response a reality,” said Mingjie Xie, CEO of Rapid Novor. “While the importance of antibodies in immunity is well understood, there is currently no other technology available to directly sequence and profile antibody proteins from blood. Our technology fills this void.”
Founded in 2015, Rapid Novor has developed a proprietary technology to sequence antibodies directly from protein samples and blood. The startup claims its technology is already helping hundreds of scientists around the globe.
Recently, the startup received undisclosed federal government funding under the National Research Council of Canada’s Industrial Research Assistance Program to discover therapeutic antibodies from the blood of convalescent COVID-19 patients using its sequencing technology.
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