Le Lézard
Classified in: Science and technology
Subject: Funding

Techcyte Closes $21 Million Funding Round

Techcyte Inc. closed a $21 million funding round to accelerate commercialization of its digital clinical pathology platform. The investors in this round include Zoetis, ARUP Laboratories and investors from previous rounds.

Ben Cahoon, the CEO of Techcyte, said, "Our relationship with Zoetis has been incredible as we've revolutionized diagnostics for veterinary clinics. That success has led to a robust digital diagnostics platform that is being leveraged by human hospitals and reference labs to expand and improve their digital clinical pathology platforms."

"Nearly one year ago, Zoetis transformed point-of-care diagnostic testing for companion animals with its Vetscan Imagyst platform, which is based on Techcyte's image recognition and cloud-based AI algorithms. Today we are excited to lead this funding round and look forward to co-developing with Techcyte further AI-based veterinary applications that have potential for the human health market," said Abhay Nayak, Executive Vice President and Head of Strategy, Accelerated Growth Businesses and Commercial Development at Zoetis. He added that while Zoetis's Vetscan Imagyst system initially launched with fecal testing, the technology will ultimately evolve to additional pathological capabilities at the point of care.

Proceeds from the round and revenue from its veterinary business will allow Techcyte to continue to grow its veterinary business and accelerate commercialization in the human market, completing multiple FDA 510ks and expanding the development team to further work with valued partners such as ARUP Laboratories.

"As the digital pathology market matures, it is becoming clear that human labs have opportunities to enhance both clinical and anatomic pathology workflow through the use of specialized technologies," said Rick Smith, President of Techcyte. "The Techcyte platform is robust and provides solutions for hematology, cervical cytology, FNAs, bacteriology and parasitology."

Techcyte's clinical pathology platform is a complete solution for digital slide management and image analysis, including a slide viewer, lab workflow and integration with whole slide scanners and lab information systems. It is HIPAA compliant and received the CE mark in 2020. An FDA clinical validation study is close to completion and will be submitted to the FDA by the end of the year.

About Techcyte

With offices in Orem, Utah and Luxembourg, Techcyte, Inc. was founded in 2013 with a mission to digitize and automate diagnostics. Techcyte's clinical pathology platform uses AI-based workflows and integration with whole slide scanners and lab information systems to increase the accuracy and efficiency of clinics and labs. Techcyte's digital pathology platform is revolutionizing human, veterinary and environmental diagnostic testing.

For additional information, visit www.techcyte.com or call 888-878-3249.

These press releases may also interest you

at 09:00
Little Caesars will announce today at DC FanDome, a free virtual DC fan event, that it is seeking cast members for its next commercial entirely on TikTok. The announcement will ask fans to participate in a TikTok casting call to #BeLikeTheBatman. As...

at 08:02
NASA's Lucy mission, the agency's first to Jupiter's Trojan asteroids, launched at 5:34 a.m. EDT Saturday on a United Launch Alliance (ULA) Atlas V rocket from Space Launch Complex 41 at Cape Canaveral Space Force Station in Florida....

at 07:44
Humankind is one step closer to unlocking new knowledge about the formation of our solar system, thanks to a spacecraft named Lucy built by Lockheed Martin . The NASA mission successfully launched from Florida at 5:34 a.m. ET this morning.  ...

at 02:32
The three Chinese astronauts or taikonauts, carried into space on board the Shenzhou-13 spaceship, entered the core module Tianhe of China's space station on Saturday, according to the China Manned Space Agency (CMSA).  ...

at 02:25
Peng Liyuan, wife of Chinese President Xi Jinping and UNESCO special envoy for the advancement of girls' and women's education, on Friday addressed the online award ceremony of the 2021 UNESCO Prize for Girls' and Women's Education....

at 00:13
5G is leading the trend of 2021. According to "The 5G Economy" published by IHS Market, the global 5G industry investment will reach US$4 trillion in 2035, and another US$12 trillion will be invested in related applications driven by 5G. Mr....

News published on 19 august 2021 at 08:05 and distributed by: