NanoString Technologies

What NanoString Technologies does

NanoString Technologies, founded in 2003 and headquartered in Bothell, Washington, was a publicly traded (NASDAQ: NSTG) life-sciences tools company that built a spatial biology platform for gene-expression profiling, spatial transcriptomics, and multi-omics analysis at single-cell and subcellular resolution. The company filed for Chapter 11 bankruptcy in early 2024 and was acquired by Bruker Corporation in May 2024 for approximately $392.6 million in cash, after which its products and operations were integrated into the newly formed Bruker Spatial Biology Division in October 2024.

The product portfolio comprises three core instrument tiers: the nCounter Analysis System for amplification-free bulk RNA and protein profiling (up to 800 RNA targets and roughly 500 proteins), the GeoMx Digital Spatial Profiler for high-plex spatial profiling across tissue regions (whole-transcriptome RNA plus approximately 1,200 proteins), and the CosMx Spatial Molecular Imager for single-cell and subcellular imaging (whole-transcriptome RNA plus 64-plex protein). These are complemented by the CellScape spatial proteomics platform, the PaintScape 3D genome visualization system, the cloud-based AtoMx Spatial Informatics Platform, and a broad assay panel catalog including the CosMx 6,000-plex RNA Assay and the nCounter PanCancer IO 360 panel.

Revenue derives from a razor-and-blade model combining capital instrument sales with high-margin recurring consumables (assay panels, reagents, flow cells), supplemented by software subscriptions and service contracts. Customers span academic and government research institutions, biopharmaceutical companies, and contract research organizations, with the technology cited in over 7,000 peer-reviewed publications. Distribution is primarily direct enterprise field sales supported by Customer Experience Labs in Seattle and Amsterdam, a global distributor network, and strategic integrations with Leica Biosystems, Illumina, AWS, and ROSALIND.

Name

NanoString Technologies

Legal name

NanoString Technologies, Inc.

Website

https://nanostring.com

Company type

Private

Founded year

2003

Operating status

Acquired

Headcount range

251–500 employees

Short description

NanoString Technologies, now part of Bruker Spatial Biology, is a life-sciences tools company that builds spatial biology instruments (nCounter, GeoMx DSP, CosMx SMI) and consumables for gene-expression profiling, spatial transcriptomics, and multi-omics analysis at single-cell resolution, serving academic researchers, biopharmaceutical companies, and contract research organizations globally.

Ownership category

akta.pro rank

Product category

Life Sciences Research Instruments — Spatial Biology Platforms

NAICS

Research and Development in Biotechnology (except Nanobiotechnology) (541714), Scientific Research and Development Services (5417)

SIC

Laboratory Analytical Instruments (3826), In Vitro & In Vivo Diagnostic Substances (2835)

akta.pro primary industry

Molecular Biology & Genomics Instruments (PCR/qPCR, Sequencing, Microarrays) (HLAGAIAF)

akta.pro secondary industries

Single-Cell & Spatial Omics Discovery Platforms (target ID/validation, functional profiling) (HLAAAIAF), Multiplex & High-Throughput Diagnostics Platforms (microarrays, digital PCR, lab automation-enabled assays) (HLAAALAL), Microscopy, Imaging & Flow Cytometry Instruments (HLAGAIAE)

Keywords

• Spatial biology instruments
• Gene expression profiling
• Spatial transcriptomics assays
• Single-cell imaging platforms
• Multiomics research reagents

Headquarters

HQ city

Seattle

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Supply Chain, Personnel, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Instrument Systems: Sale of spatial biology instrumentation including nCounter Analysis Systems, GeoMx Digital Spatial Profilers, and CosMx Spatial Molecular Imagers. Instruments represent high-value capital equipment sold to research institutions and biopharmaceutical companies.
2. Consumables and Reagents: Recurring revenue from proprietary consumables including assay panels, reagents, and flow cells required for instrument operation. Panels include RNA assays, protein assays, and custom solutions.
3. Software and Data Analysis: Cloud-based software platforms including AtoMx Spatial Informatics Platform for data analysis, nSolver analysis software, and ROSALIND cloud-based analysis tools.
4. Services and Support: Customer experience lab services, training programs through NanoU/Bruker Spatial Biology University, technical support, and grant support packages.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels8 records

Core offering

NanoString Technologies sells spatial biology instrumentation, proprietary consumables, and analysis software used by academic, government, and biopharmaceutical research organizations. Its platforms (nCounter, GeoMx DSP, CosMx SMI, CellScape, PaintScape) enable amplification-free gene expression profiling, whole-transcriptome spatial profiling, and single-cell spatial imaging of RNA and protein in tissue, supported by cloud-based informatics tools and a large catalog of pre-designed assay panels.

Product overview

NanoString Technologies, now part of Bruker Corporation's Spatial Biology Division following the May 2024 acquisition, offers a comprehensive spatial biology portfolio comprising three core instrument platforms: the nCounter Analysis System for amplification-free bulk RNA/protein profiling (up to 800 RNA targets and ~500 proteins), the GeoMx Digital Spatial Profiler for high-plex spatial profiling of RNA and protein across tissue regions (whole transcriptome + ~1,200 proteins), and the CosMx Spatial Molecular Imager for single-cell and subcellular spatial imaging (whole transcriptome + 64+ proteins). These platforms are complemented by CellScape XR for spatial proteomics, PaintScape for 3D genome visualization, and software solutions including the AtoMx Spatial Informatics Platform for cloud-based data analysis. The products support various assay panels including the CosMx Whole Transcriptome Panel, CosMx 6,000 plex RNA Assay, and GeoMx Cancer Transcriptome Atlas. Assay readout options include nCounter and Illumina NGS platforms, with integrated workflows for Leica BOND RX automation. The portfolio serves research applications in oncology, immunology, neuroscience, drug development, and biomarker discovery.

Differentiator

Problem solved

Functional benefit

Brands

• nCounter Analysis System: Amplification-free RNA and protein profiling system with high reproducibility. Measures up to 800 RNA targets and approximately 500 proteins with minimal hands-on time.
• GeoMx Digital Spatial Profiler
• CosMx Spatial Molecular Imager
• AtoMx Spatial Informatics Platform
• CellScape Platforms
• PaintScape System

Products and services

• nCounter Analysis System Amplification-free RNA and protein profiling platform with high reproducibility. Measures up to 800 RNA targets and approximately 500 proteins with minimal hands-on time, supporting bulk multiomics analysis for rapid biomarker discovery and development.
• nCounter Pro Analysis System High-capacity digital analyzer for processing nCounter CodeSets with automated cartridge-based workflow for higher-throughput gene expression and protein studies.
• nCounter SPRINT Profiler Compact, automated nCounter system designed for mid-throughput gene expression and protein analysis with simplified workflow and reduced hands-on time.
• GeoMx Digital Spatial Profiler (DSP) High-plex spatial profiling platform for RNA and protein across tissue regions. Provides whole transcriptome RNA (18,000+ genes) and up to approximately 1,200 proteins with an automated, histology-compatible workflow for discovery multiomics from cells to tissue structures at scale.
• CosMx Spatial Molecular Imager (SMI) Single-cell and subcellular spatial imaging platform measuring whole transcriptome RNA (19,000+ genes) and 64+ proteins from the same cell at single-cell and subcellular resolution with high sensitivity for complete pathway-level spatial insights.
• AtoMx Spatial Informatics Platform (SIP) Cloud-based data analysis and visualization platform for CosMx SMI data enabling researchers to explore datasets with no coding required, including data QC, cell typing, differential expression, and 3D segmentation analysis.
• CellScape XR Precise Spatial Proteomics Next-generation spatial proteomics platform uniting breakthroughs in instrumentation, software, and assays to deliver high-quality data with higher throughput and improved flexibility for rapid and quantitative spatial phenotyping.
• PaintScape Spatial 3D Genome+ System High precision, multiplexed direct visualization platform for 3D genome analysis, providing spatial genomics capability acquired from NanoString by Bruker in May 2024.
• CosMx Whole Transcriptome Panel Universal human whole transcriptome assay enabling profiling of over 19,000 genes in single cells with spatial context, compatible with FFPE and fresh frozen tissue samples.
• CosMx 6,000 plex RNA Assay First commercial single-cell spatial assay panel capable of measuring over 6,000 RNA targets at single-cell resolution, launched February 2024 as a major advance in spatial transcriptomics plexity.
• GeoMx Cancer Transcriptome Atlas Pre-designed spatial profiling panel for comprehensive tumor microenvironment characterization, including 18,000+ plex whole transcriptome atlas for spatial analysis of cancer samples.
• nCounter PanCancer IO 360 Gene Expression Panel Comprehensive immuno-oncology gene expression panel for characterizing tumor microenvironment and immune response pathways in cancer research.
• VistaPlex Multiplexing Assay Kits Pre-designed multiplex immunofluorescence assay kits (Tissue Architecture, Spatial Immune Profiling, and Cell Boundaries kits) for the CellScape XR platform enabling multiplexed imaging of FFPE tissues.
• nCounter Multiomics Technology Access Program (TAP) Technology access program enabling researchers to leverage nCounter platform capabilities for multiomics research applications.
• CosMx SMI Technology Access Program Grant-supported technology access program for the CosMx SMI platform designed to expand accessibility for spatial biology research.

Quantifiable outcome

• 7,000+ peer-reviewed publications validate platform performance across oncology, immunology, neuroscience, and other research areas
• +1 more outcomes

Named customers8 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature7 records

Partnerships

Five partnerships are on record, tiered core, flagship and minor.

• Leica BiosystemscoreTechnology or IntegrationLeica BOND RX automated slide preparation system is integrated with GeoMx DSP workflows for fully automated sample processing. This integration enables standardized, high-throughput spatial profiling workflows in research settings.
• Human Cell Atlas ProjectflagshipStrategic or Co-development PartnerCNAG researchers used CosMx SMI to create spatial molecular maps of healthy human organs as part of the international Human Cell Atlas initiative, generating single-cell reference maps directly in organs.
• CROs and Core Labs NetworkcoreChannel Partner/ Reseller/ DistributorContract research organizations and core labs provide spatial biology services using NanoString/Bruker platforms, extending market reach and enabling service-based access to technology.
• Global DistributorsminorChannel Partner/ Reseller/ DistributorInternational distributor network extends product availability to regions without direct sales presence.
• Leica BiosystemscoreTechnology or IntegrationPartnership for automated slide preparation workflows with GeoMx DSP integration with Leica BOND RX instruments.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• 10x Genomics: Direct competitor across spatial transcriptomics and single-cell imaging via its Xenium and Visium platforms, serving the same academic and biopharma translational research buyers with overlapping gene-expression and multiomics workflows.
• Vizgen: Direct competitor in single-cell spatial transcriptomics using MERFISH chemistry, offering high-plex imaging platforms targeted at the same tissue-based research applications as CosMx SMI.
• Akoya Biosciences: Direct competitor in spatial proteomics and multiplex tissue imaging through the PhenoCycler (CODEX) and PhenoImager HT platforms, overlapping with NanoString's GeoMx DSP and CellScape offerings in tumor microenvironment research.
• Standard BioTools (formerly Fluidigm): Direct peer in highly multiplexed single-cell and tissue imaging via Hyperion imaging mass cytometry, serving translational research customers with overlapping spatial biology and multiomics applications.

Broad incumbents

• Bio-Techne: Broader life sciences tools incumbent with RNAscope in situ hybridization assays and a large protein/reagent catalog that compete and complement NanoString's spatial and bulk gene-expression workflows.
• Illumina: Sequencing-platform incumbent that both powers GeoMx NGS readouts and competes in adjacent spatial and multiomics workflows, making it both a partner and adjacent competitor to NanoString's installed base.
• Revvity (formerly PerkinElmer Life Sciences): Broad life sciences and diagnostics incumbent offering reagents, imaging, and multiomics solutions that overlap with NanoString's translational research and biomarker discovery workflows.
• Danaher: Life sciences conglomerate whose operating companies (Leica Biosystems, Beckman Coulter, Cytiva) compete in tissue pathology, clinical diagnostics, and bioprocessing — markets adjacent to NanoString's translational and clinical-trial research users.

Emerging players

• Leica Biosystems (Danaher): Integration partner for GeoMx DSP through the BOND RX automated slide stainer; as Danaher's pathology franchise expands, Leica's workflows increasingly compete with or substitute for NanoString's spatial tissue preparation pipelines.

Others

• Bruker Corporation: Acquirer of NanoString and now parent of the Bruker Spatial Biology Division; comparable as a life sciences instrumentation incumbent whose broader portfolio (mass spectrometry, NMR, microscopy) sets the strategic and capital allocation context for the NanoString franchise.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/nanostringtech
• YouTubeyoutube.com/@brukerspatial
• Facebookfacebook.com/NanoStringTechnologies
• LinkedInlinkedin.com/company/nanostring-technologies
• Instagraminstagram.com/BrukerSpatial

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds17 records

Investors13 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NanoString Technologies