Biotech Firm Completes $1.6M Seed Round
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West Lafayette-based Novilytic LLC has completed a $1.6 million seed round with support from the Purdue Foundry and Elevate Ventures. The biochemistry analytics company, which is headquartered at the Purdue Research Park, says it protects and secures lifesaving drugs through the use of nanotechnology.
The company says its technology is used by pharmaceutical chemists to test antibody quality in-process to ensure there are not structural problems with drugs being developed.
“Novilytic’s innovative solution and expanding product suite for pharma manufacturing have the potential to significantly change the value stream,” said Mark Gramelspacher, entrepreneur-in-residence at Elevate Ventures. “The company’s technology can ultimately improve patient safety, increase efficiency and improve quality, a triple win in the supply chain. We’re thrilled to continue our support of Novilytic as they enter its next phase of growth.”
Novilytic says it has added nine new employees within the last year and will be expanding within the next several months.
“Momentum fosters success, and the support from investment partners like the Purdue Foundry and Elevate Ventures allows Novilytic to stay ahead of our road map while scaling our organization,” said Paul Dreier, the company’s CEO. “We are thankful for the support from the private sector and federal government grants, which will expedite our growth and allow us to continue to get our name out in the market.”