COPENHAGEN, Denmark, March 1, 2023 /PRNewswire/ — BioInnovation Institute (BII), an international non-profit foundation incubating and accelerating world-class life science research, today announces that ten new companies have entered its Venture Lab acceleration program for early-stage companies. The cohort is strategically aligned with BII’s focus on supporting innovative early-stage start-ups within human and planetary health.
The 12-month Venture Lab program is designed to support start-up companies with business acceleration, scientific, and team development, and provides a founder-friendly convertible loan of EUR 500,000 (approximately 4M DKK) plus access to labs and offices at the BII in Copenhagen. In becoming a part of the Venture Lab program, the early-stage companies also get an exclusive opportunity to apply for EUR 1.4M in follow-up funding through BII’s Venture House program.
Bobby Soni, Chief Business Officer at BioInnovation Institute, said: “We are pleased to welcome this new cohort of early-stage companies working across the bioindustrials, therapeutics, women’s health and health tech industries to the Venture Lab program. BII’s mission is to create products for the welfare of people and society, and we believe that BII’s support of the innovative science in this Venture Lab cohort will deliver on that promise.”
Each start-up will be supported in undertaking the necessary steps to reach initial proof-of-concept, to make a business plan and to set up a team. Assisted by a dedicated scientific advisor, a leadership coach and a BII business development expert, the new ventures will be guided in developing a detailed milestone plan and will be assisted in overcoming the challenges of growing a business allowing them to progress rapidly towards the market.
The new companies BII has accepted into the Venture Lab acceleration program are:
- Agoprene develops furniture foam from biomass to help the furniture industry reduce the need for petrochemicals.
- AIDA Oncology selects the best cancer drug for each patient, using the RNA expression pattern of their tumor and machine learning.
- Alba Health is on a mission to reduce chronic disease risks from childhood, leveraging data science and the latest microbiome science.
- Dawn Bio is a drug discovery platform based on human embryo models for drug development for women’s reproductive health.
- Droplet IV automatically flushes every IV set at the precise time of medicine termination, ensuring patients’ optimal treatment quality.
- FÆRM provides an enzymatic solution for plant-based cheese, translating dairy practices to legumes in cooperation with dairy plants.
- Fuse Vectors is disrupting manufacturing to enable universal access to gene therapy.
- METSYSTEM has a unique technology that can predict cancer metastasis and determine the optimal chemotherapy to treat it preventively.
- NorFalk rethinks soap, cosmetics, and detergents by producing sustainable active and stabilizing ingredients called surfactants.
- Amplify Therapeutics: Transformative, disease-modifying therapies for Gaucher disease and genetic subgroups of Parkinson’s disease.
Since its inception in 2018, BII has supported 80 start-ups and projects with EUR 65 million alongside the venture capital, industry and business expertise it provides to help them accelerate to the next level. In total, BII’s start-ups have raised over EUR 333 million in external funding from both local and international investors. Recent company successes include Adcendo, Stipe Therapeutics, Twelve Bio, Octarine Bio, and Cirqle Biomedical.
Read more about the Venture Lab program
About the BioInnovation Institute Foundation:
At BioInnovation Institute (BII), we accelerate world-class life science start-up innovation for the benefit of people and society. As a non-profit institute, BII operates the company creation programs, Bio Studio, Venture Lab and Venture House, to support life science start-ups with knowledge, network, infrastructure and funding of up to 3M EUR per projects and 1,8 M EUR per start-up. With our expertise, network, funding, and infrastructure, we empower startups to succeed and believe in the transformative power of life science innovation. Read more on www.bioinnovationinstitute.com
SOURCE Optimum Strategic Communications
