DENMARK – Nine ventures and two projects have become the latest addition to the BioInnovation Institute’s (BII) Venture Lab acceleration program for early-stage companies.
BII is an international commercial non-profit foundation based in Denmark, which incubates and accelerates life science research.
The cohort consists of nine ventures plus two corporate-sponsored innovation projects from Novo Nordisk – all strategically aligned with BII’s focus on developing scientific initiatives for the benefit of human and planetary health.
Designed to help build research-based ideas with high-growth commercial potential into viable start-ups, BII’s 12-month Venture Lab program supports business acceleration, scientific and team development.
BII also provides a risk-free convertible loan of €500,000 (US$496,700) plus access to labs and offices at BII’s entrepreneurial ecosystem in the center of Copenhagen.
Since its inception in 2018, the BioInnovation Institute has supported 62 start-ups and projects with €50 million (US$50 million) in funding.
Venture House program
In becoming a part of the Venture Lab program, the early-stage companies also get an opportunity to apply for an add-on opportunity of up to €1.3 million (US$1.3 million) through BII’s new Venture House program.
Bobby Soni, chief business officer at BII, said: “We are delighted to announce the next cohort of start-ups accepted onto our Venture Lab program and we look forward to supporting them with the many aspects of development needed to deliver first-in-class science that will positively impact global health and the environment.
“Furthermore, we are thrilled to present two strong innovation projects from Novo Nordisk and look forward to helping these projects progress by offering our Venture Lab program as a platform for innovation.”
Each start-up will be supported in undertaking the necessary steps to reach initial proof-of-concept, make a business plan, and 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.
The start-up companies include HHC Medical, which is developing a technology platform based on electroporation, and HEKA VR, which uses virtual reality to provide a new type of immersive therapy for schizophrenia patients.
Other startup companies participating in the program include Ebumab, which seeks to use its antibody AMT-technology in combination with the body’s own immune system to fight cancers, and Fimmcyte, which is developing the first disease-modifying treatment for endometriosis.
Since its inception in 2018, the BioInnovation Institute has supported 62 start-ups and projects with €50 million (US$50 million) in funding.
BII’s start-ups have in total raised more than €207 million (US$207 million) from local and international investors.
Its team brings venture capital, pharma, and business expertise together to help early-stage companies accelerate to the next level.
Recent portfolio company successes include Adcendo, Stipe Therapeutics, Twelve Bio, Octarine Bio, and Cirqle Biomedical.
Liked this article? Sign up to receive our regular email newsletters, focused on Africa and World’s healthcare industry, directly into your inbox. SUBSCRIBE HERE