Biotech startup Moleculent has closed its oversubscribed $26 million series A financing round, according to a press release from the company.
The funding round was led by Arch Venture Partners and Eir Ventures, with participation from the company's existing investors. Additionally, Patrick Weiss from Arch has been appointed chairman, while Sean Kendall from Arch and Magnus Persson from Eir have joined Moleculent's board of directors.
Moleculent, which has its headquarters in Stockholm, said that the funding will be used to further advance its functional biology platform, which the company describes as the "first functional profiling platform that allows scientists to map cell–cell communication directly in clinical tissue."
The platform detects cell-to-cell interactions and profiles their communication directly within their tissue environment, the firm explained in the release. This approach aims to enable a more comprehensive understanding of cell-to-cell interactions and communication at a networked level, including disease pathways and drug responses.
"Analysis of DNA, as well as RNA and protein expression, inform us about the building blocks of a cell but do not directly measure how cells are working together. Understanding cell–cell communication networks in tissues has the potential to bring us into a new era of understanding functional biology and human disorders," Olle Ericsson, PhD, Moleculent's co-founder and CEO said.
