Nicoya Lifesciences launches from Velocity Garage
Nicoya Lifesciences, founded in 2014 by Ryan Denomme and John Dick, uses nanotechnology to create revolutionary sensor products that aim to change the world of biotechnology, life sciences, and healthcare. Their first product, OpenSPR, reduces the cost of biointeractive testing by 90%, allowing for rapid development of new pharmaceuticals, therapeutics, and diagnostics.
We spoke with co-founder Ryan Denomme to gain some insight into their time spent at Velocity, lessons learnt, and what’s next for Nicoya Lifesciences.
What brought on the decision to move out of Velocity?
We have been growing rapidly over the last 6 months and realized that in order to accommodate that growth, the best thing to do would be to move out of Velocity and into our own space. We haven’t had a space to call our own yet, and as amazing as it is being a part of the community in a shared space like Velocity, it feels like a really big accomplishment finally being out on our own. Like when you move out of your parent’s basement.
What part of building a startup do you most enjoy?
Building a product that solves a major problem for people, and working with an amazing team to do things that seem impossible. I also love the value creation part of it – being able to put in resources and turn that into something more valuable for employees, investors, the economy, and customers.
Where was your company at when you started at Velocity and how has it grown since you started it?
When we moved into Velocity we were just the 3 founders with a great technology, some early traction but minimal sales. Sine then, we have tripled in size and have grown sales by 20X. We have improved every aspect of our company from the product to the sales process.
What’s next for Nicoya Lifesciences?
We want to continue growing revenue at 20% month over month while expanding our sensor technology into additional markets outside of R&D. We have a number of very cool products in the pipeline that we think are going to be game changers for a number of billion dollar industries. So it will be a balance of revenue growth and new product development.
What will you miss most about Velocity and what are you most looking forward to for your next steps?
We will definitely miss the mentorship we received from the amazing Velocity staff! We were very lucky to be a part of such a great incubator so close to home. The support and motivation you get from being around other companies at similar stages was also very important for our growth. We are looking forward to translating the knowledge we gained for an exciting future.
If you could give Velocity companies some parting advice, what would it be?
Focus on getting customers as early as you can. Everything becomes easier and everyone will take you more seriously once you have some market validation and real revenue.
We wish the team at Nicoya Lifesciences the best of luck in all their future endeavours, thank you for being a great part of the Velocity community!