BioInnovation Institute provides EUR 7.8M in financial support as six promising companies enter its Venture House program

COPENHAGEN, Denmark, March 7, 2024 /PRNewswire/ -- BioInnovation Institute (BII), an international non-profit foundation incubating and accelerating world-class life science research, today announces that six companies are to receive additional financial support through its Venture House program, created to further support former Venture Lab companies through their next phase of growth.

The 18-month Venture House program provides exclusive 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 extensive 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.

Bobby Soni, Chief Business Officer at BioInnovation Institute, said: "All six of these companies align with BII's mission, to develop solutions to benefit human and planetary health. That is why we are proud to further support these companies through the Venture House program and bring these companies closer to receiving external investment and commercializing their technologies."

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 is developing novel, disease-modifying treatments for lysosomal Parkinson's disease
• Droplet IV 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 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 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 determines whether and where cancer will metastasize, and which drugs will most effectively combat it
• NorFalk 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 start-ups 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.

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 BioInnovation Institute