Single Technologies recently announced it has raised SEK15 million ($1.6 million) to support further development of its next-generation sequencing platform.

Stockholm-based Single Technologies raised the funding via covertible bond issue. JovB Holding, a Swedish investment firm, acted as the lead investor. The company said it will use the proceeds to support development of its products.

Called Theta, Single Technologies' platform relies on automated fluidics and single molecule-sensitive imaging to improve sequencing throughput. By enabling users to scale their sequencing projects, the company believes its technology will find use in population genomics and single-cell sequencing, among other applications.

CEO Johan Str?mqvist said in a statement that Theta will enable "faster and more cost-efficient sequencing" in different sample types. He said the company intends to raise more funds before summer.

Single Technologies was founded in 2014 based on research into single-molecule imaging and biotechnology done at the Royal Institute of Technology (KTH) in Stockholm, as well as on R&D in fiber optical grating done at Proximion, a fiber optics company based in Kista, Sweden.