CyVek

About CyVek

CyVek, established in 2010 by co-founders Per Hellsund and Kevin Didden, carved a niche in the life sciences sector by developing a platform for measuring multiple analytes in biological samples. The company was the result of the founders' vision to address a clear need for more efficient and accurate biomarker testing. Per Hellsund, serving as President and CEO, brought a background in mechanical engineering and business, with prior leadership roles at technology startups, including a company in the commercial printing space. His passion for applying technology to solve complex problems inspired his move into the life sciences. Kevin Didden, the company's chairman, is a seasoned entrepreneur who also founded CiDRA, a process optimization company, in 1996 and had a background in technology management at United Technologies. Notably, some of CyVek's entrepreneurial team were also involved in the successful startup CyVera, which was sold to Illumina in 2005.

CyVek's core offering was the CyPlex™ System, an integrated immunoassay platform comprising a disposable microfluidic cartridge and a compact bench-top analyzer. This system was designed to provide rapid and precise "sample to answer" results within an hour, a significant improvement over traditional labor-intensive methods that could take several hours. Its key benefits included high accuracy, the ability to measure multiple biomarkers from a very small sample volume, and ease of use, making it an attractive tool for life science researchers and clinicians. The technology found applications in expediting life sciences research, aiding drug discovery, and developing novel diagnostic tests for diseases like cancer. The business model centered on selling the CyPlex™ analyzer and the accompanying disposable cartridges to research laboratories and clinical settings.

A significant achievement in the company's history was its acquisition by Bio-Techne in November 2014. The deal was valued at an initial $60 million in cash, with the potential for an additional $135 million based on future revenue milestones, a testament to the value of the technology CyVek had created. This acquisition provided CyVek's technology with the backing of a major life sciences company, allowing for the integration of Bio-Techne's extensive portfolio of reagents with the CyPlex™ platform.