Nicoya gains series A funding for digital drug discovery program

Nicoya, a leading provider of advanced analytical instruments for the biotechnology and pharmaceutical industries, announced today that it has raised $10 million in Series A financing.

Nicoya team

The funding round was led by Whitecap Venture Partners with participation from existing investors, including Garage Capital, MaRS IAF, Laurier Startup Fund, University of Waterloo Student Venture Fund, and others.

The funding will enable Nicoya to expedite the development of new products focused on drug discovery, grow its team from 50 employees to 80over the next year, expand its reach to more international markets, and target new opportunities within the biotechnology and pharmaceutical industries.

Nicoya uses nanotechnology, microfluidics, and AI to create products that enable scientists to better understand diseases – such as cancer, hepatitis, Alzheimer’s, cardiac, and others – and develop treatments for them.

The company’s first product, OpenSPR, is the world’s first benchtop surface plasmon resonance (SPR) instrument. This industry-disrupting product has given every scientist access to powerful molecular interaction data from their own bench.

By providing more people access to these precise analytical tools, Nicoya is helping to accelerate the time to new discoveries and new drugs that will ultimately help to extend human life.

Nicoya, which was launched in 2012 as a spin-out of the University of Waterloo, is also a graduate of the University’s Velocity incubator and Accelerator Center, and Waterloo Region’s Communitech innovation hub.

Today, the company’s scientific instruments are used by hundreds of the world’s leading researchers in academia, government, biotechnology companies, and pharmaceutical companies in over 40 countries. Data from Nicoya’s instruments have been published in leading academic journals such as Nature.

The team at Nicoya are creating disruptive, world-class technology that is aiding in the development of life-saving drugs that have the potential to change the way people live. Nicoya has established itself at the centre of disease research and drug discovery for scientists around the world. We are proud to add this innovative Canadian MedTech company to our investment portfolio and look forward to supporting their team.”

Russell Samuels, Partner at Whitecap Venture Partners

As a company with its roots in academia, Nicoya remains committed to retaining highly trained technical talent in Canada. Currently, all except six of Nicoya’s current team of 50 have either a science or engineering degree. The company is also unique in that its team is very balanced from a gender profile, with 49% of its employees identifying as women.

The future of drug discovery is digital, and we are developing some of the most advanced technologies in the world to support this. The impact our technology will have on human health in the future is significant, but requires the support of great partners, including the team at Whitecap.”

Ryan Denomme, Co-founder and CEO of Nicoya


Please use one of the following formats to cite this article in your essay, paper or report:

  • APA

    Nicoya Lifesciences. (2020, January 15). Nicoya gains series A funding for digital drug discovery program. News-Medical. Retrieved on July 20, 2024 from

  • MLA

    Nicoya Lifesciences. "Nicoya gains series A funding for digital drug discovery program". News-Medical. 20 July 2024. <>.

  • Chicago

    Nicoya Lifesciences. "Nicoya gains series A funding for digital drug discovery program". News-Medical. (accessed July 20, 2024).

  • Harvard

    Nicoya Lifesciences. 2020. Nicoya gains series A funding for digital drug discovery program. News-Medical, viewed 20 July 2024,


The opinions expressed here are the views of the writer and do not necessarily reflect the views and opinions of News Medical.
Post a new comment

While we only use edited and approved content for Azthena answers, it may on occasions provide incorrect responses. Please confirm any data provided with the related suppliers or authors. We do not provide medical advice, if you search for medical information you must always consult a medical professional before acting on any information provided.

Your questions, but not your email details will be shared with OpenAI and retained for 30 days in accordance with their privacy principles.

Please do not ask questions that use sensitive or confidential information.

Read the full Terms & Conditions.

You might also like...
Nicoya designate the Institute for Stem Cell Biology and Regenerative Medicine as the OpenSPR Centre of Excellence