EUR 3 million in series A for the growth and development of Cytena GmbH
March 26, 2019
- The High-Tech Gründerfonds (HTGF) and two private investors are convinced of the importance of single-cell isolation for the production of biopharmaceuticals and for genetic analysis in research and diagnostics.
- EUR 3 million will be invested in the further development of the technology, the expansion of the sales organization and in opening up further applications for Cytena’s single-cell printers.
Freiburg-based Cytena GmbH successfully completes another financing round. In total, two private investors and High-Tech Gründerfonds (HTGF) are investing another 3 million euros in the company. The new capital will be used to continue developing its single-cell printer lab technology, expand sales activities and tap into the potential of new applications more quickly.
The analysis of individual biological cells has rapidly gained in importance in recent years. Single cells are used in the development of modern drugs, so-called biopharmaceuticals, as well as in cancer and stem cell research. The Cytena family of single-cell printers consists of laboratory devices for handling and sorting individual viable cells. These instruments are innovative tools for the life sciences and make a long-term contribution to the development and manufacturing of new drugs.
“The technological advantage of our single-cell printers over competing products does not mean that we can rest on our laurels. Rather, our goal is to better understand and serve our customers’ needs. The new capital creates an important basis for doing so,” says Cytena CFO Benjamin Steimle. In addition, the investment will help to increase the company’s market share. Although the majority of the world’s ten largest pharmaceutical companies are already customers of the Freiburg start-up, a very large global market potential is still waiting to be tapped.
Important milestones along this path so far have included a sales cooperation with a major American company and the addition of x.sight devices to the product family. “The recent financing round enables us to accelerate the next steps in Cytena’s success story. ” says Steimle.
Dr. Lena Krzyzak, Investment Manager at HTGF, says: “With our investment in series A, we intend to continue the successful growth of our start financing. The company has developed rapidly, and we have great confidence that the management team can continue expanding the market and continue product development.“
CytenaTM is an established life science start-up. Founded in 2014 as a spin-off from the Institute for Microsystems Technology (IMTEK) at the University of Freiburg, Cytena primarily sells solutions for handling biological cells. The Cytena team has developed patented single-cell printerTM technology, which allows the isolation of single cells in a documented, gentle and sterile process. Single-cell printers have been manufactured in Germany and marketed worldwide since 2015. In 2018, the x.sightTM series was added to the product portfolio. Most of the top ten pharmaceutical companies use single-cell printers to produce clonal cell lines for manufacturing antibodies.
About High-Tech Gründerfonds
High-Tech Gründerfonds (HTGF) is a seed investor that finances high-potential, tech-driven startups. With EUR 892.5 million in total investment volume across three funds and an international network of partners, HTGF has already helped forge more than 520 startups since 2005. Driven by their expertise, entrepreneurial spirit and passion, its team of experienced investment managers and startup experts help guide the development of young companies. HTGF’s focus is on high-tech startups in a range of sectors, including software, media, internet, hardware, automation, health care, chemistry and life sciences.
To date, external investors have injected over EUR 2 billion into the HTGF portfolio via about 1,400 follow-on financing rounds. HTGF has also successfully sold interests in more than 100 companies. Investors in this public-private partnership include the Federal Ministry For Economic Affairs and Energy, the KfW Banking Group and 32 economic investors.