FOR IMMEDIATE RELEASE
Techcyte Closes $1.7 Million Seed Round
Techcyte raises $1.7 million to revolutionize cellular digital pathology
March 1, 2016, OREM, Utah—Techcyte Inc. closed a $1.7 million seed round to commercialize its deep learning platform for cellular digital pathology. In addition to the funding, Techcyte hired tech entrepreneurs Ben Cahoon, Ben Larson and Russ Zimmerman. The addition of these key personnel enabled Techcyte to deliver on its mission to lower healthcare costs by helping labs become more efficient at diagnosing disease.
Ralph Yarro, the CEO of Techcyte, said, “This is an important milestone for Techcyte, as it allows us to hire a world-class, proven team to deliver Dr. Mohamad Salama’s vision of cellular digital pathology.”
Ben Cahoon was hired as the new COO/CFO and heads up product management and operations. Mr. Cahoon has taken multiple companies from startup to acquisition, including LanSchool and Stoneware, which were both sold to Lenovo. Most recently, he returned from Luxembourg, where he helped launch AssetLogic, a new data sharing platform for the mutual fund industry.
Ben Larson and Russ Zimmerman are senior software engineers and serial entrepreneurs, who are responsible for the security, scalability and usability of the Techcyte deep learning platform. Mr. Larson and Mr. Zimmerman were founders at Imagine Learning, where they contributed to a significant exit to Weld North Holdings LLC.
“Now that we’ve validated the markets and technology, we’re excited to expand the team and move quickly to a solution that can make a real difference to diagnostic labs and pathologists.”, said Rick Smith, President of Techcyte.
In addition to providing a cellular digital pathology solution for human diagnostic labs, Techcyte provides similar solutions for veterinary labs and labs performing mold testing.
Headquartered in Orem, Utah, Techcyte, Inc. was founded in 2013 as a tech transfer company from the University of Utah with a mission to lower healthcare costs through artificial intelligence. Techcyte uses the power of deep machine learning to perform image analysis of whole slide images. Image analysis is required for widespread adoption of digital pathology in research, pharma, human, air quality and veterinary diagnostic testing.
For additional information, visit www.techcyte.com or call 801-980-0414.