HomeDenmarkBioInnovation Institute Provides EUR 7.8M To Six Companies Entering Venture House Program

BioInnovation Institute Provides EUR 7.8M To Six Companies Entering Venture House Program

BioInnovation Institute

BioInnovation Institute (BII), a Copenhagen, Denmark-based international non-profit foundation incubating and accelerating life science research, announced that six companies are to receive additional financial support through its Venture House program.

The 18-month Venture House program provides follow-on funding in the form of a founder-friendly convertible loan, of EUR 1.3M, to selected companies that have already benefitted from BII’s 12-month Venture Lab program designed to support business acceleration, scientific and team development.

As part of the Venture House program, companies will also take advantage of BII’s network to help establish a strong board, chairman and key scientific advisors. This is the fourth cohort of companies to be accepted into the Venture House program since its launch in August 2022.

To support product innovation and ecosystem growth, the program consists of four executive sprints, each focused on a key development area to help mature the project and ultimately attract further funding. The first sprint focuses on helping companies develop an operational plan, while the following sprints provide training and support in fundraising, partnership, and leadership

All six companies have partaken in BII’s Venture Lab program that supports business acceleration, scientific development and team development in which each company received a risk-free convertible loan of EUR 500,000 plus access to labs and offices at the BII’s entrepreneurial ecosystem in the center of Copenhagen. Thus, after entering the Venture House program they have received in total EUR 1.8M.

The new companies BII has accepted into the Venture House program are:

  • Amplify Therapeutics, which is developing novel, disease-modifying treatments for lysosomal Parkinson’s disease
  • Droplet IV, which is developing novel medical devices for IV infusion therapy to ensure each patient receives the full prescribed dose without adding strain to already overburdened nurses
  • Fuse Vectors, which is developing a novel, infinitely scalable platform to manufacture viral vector-based gene therapies, which hold the promise to cure genetic illnesses through single-dose treatments
  • FÆRM, which is an industry enabler of alternative dairy, offering various segments within the alternative proteins industry with solutions customized to their specific target group, followed by licensing of its patented enzyme technology
  • Metsystem, which determines whether and where cancer will metastasize, and which drugs will most effectively combat it
  • NorFalk, which produces sustainable surfactants for the use in personal and household care consumer products

Since its inception in 2018, BII has supported 100 start-ups and projects with EUR 97 million alongside the venture capital, industry and business expertise it provides to help them accelerate to the next level.  In total, BII’s startups have raised over EUR 428 million in external funding from both local and international investors.  Recent company successes include Embark Laboratories, Adcendo, Stipe Therapeutics, Twelve Bio, Octarine Bio, and Cirqle Biomedical.

Read more about the Venture House program here.

FinSMEs

11/03/2024