The BioInnovation Institute supports three international start-ups developing pioneering science in the therapeutics and health tech space
The BioInnovation Institute (BII), an international commercial non-profit foundation incubating and accelerating world-class life science research, today announces its investment into three international start-up companies from the UK, Germany, and Finland. The three new ventures are strategically aligned with the BII’s focus, developing ground-breaking scientific initiatives across the therapeutics and health tech space.
Commenting on today’s launch, Bobby Soni, Chief Business Officer at the BioInnovation Institute, said: “Our goal is to harness the untapped potential of European research, and at the BII we are passionate about helping each venture overcome potential hurdles and position them to attract top-quality international investment. Spun out from excellent translational research environments across Europe, VEIL.AI, Sevenless Therapeutics and Myopax each hold great potential in the therapeutic and health tech space. We are pleased to support them in their growth - supporting business acceleration, scientific and team development.”
CEO of VEIL.AI, Tuomo Pentikäinen, commented: “We are very excited of the new collaboration and opportunities provided by BII not only because of the high signal value of being a part of the BII community but because we see BII as a well networked player in European health data space and as an attractive launchpad for our commercial activities.”
Bobbi Soni continued: “Finland holds large potential when it comes to translational life science research and especially Helsinki is known as a Northern European hub for health tech innovations. Thus, BII is thrilled to welcome a promising health tech company like VEIL.AI into our community as the first Finnish company and we are looking forward to assist them on their future entrepreneurial journey.”
The tree new ventures are:
• VEIL.AI, the health tech company that brings the quality of anonymized health data to the new level with next-generation anonymization technology creating extremely high-quality subject-level anonymized and synthetic data. VEIL.AI Anonymization Engine enables better use of GDPR-free data for life science and diagnostics companies, hospitals and health data hubs.
• Sevenless Therapeutics has identified a novel target in pain signalling, defined the drug properties required for success and validated these predictions with data using state-of-the-art mathematical modelling. Enabled by this insight, the Company will efficiently deliver a safe and effective drug candidate for treating pain.
• Myopax is a spin-out from the translational ecosystem of Berlin. The Company has developed a proprietary muscle stem cell technology for regenerative therapies to combat the devastating consequences of muscle diseases.
The BII has supported 62 start-ups with EUR 50 million in funding. The BII’s start-ups have in total raised EUR 207 million from local and international investors. Its diverse team brings venture capital, pharma and business expertise together to help early-stage companies accelerate to the next level. Recent company successes include Adcendo, Stipe Therapeutics, Twelve Bio, Octarine Bio, and Cirqle Biomedical.
About the BioInnovation Institute Foundation
The BioInnovation Institute Foundation (BII) is an international commercial foundation with a nonprofit objective supported by the Novo Nordisk Foundation. BII operates an incubator to accelerate world-class life science innovation that drives the development of new solutions by early life science start-ups for the benefit of people and society.
BII, located in Copenhagen, Denmark, offers start-ups and early-stage projects within health tech, therapeutics, and bioindustrials state-of-the-art labs, vibrant office facilities, business development, start-up business incubation, access to high-level mentoring and international networks, plus unique funding opportunities of up to EUR1.3 million per start-up and EUR 2.4 million per project.
Since the inauguration of BII in November 2018, BII has awarded EUR 50 million to 62 high-growth start-up companies.
Tuomo Pentikäinen, CEO, phone +358 40 183 2881, [email protected]
Anders Mønsted, Communications Specialist, phone +45 24677947, [email protected]