COPENHAGEN, Denmark, Sept. 5, 2023 /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 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 participated in the 12-month Venture Lab program created 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 third 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: "These six companies have shown promise during their time in the Venture Lab program and collectively align with BII's focus on providing solutions to benefit people and society. On behalf of the team at BII, we look forward to continuing to work alongside these innovative companies as they mature and attract funding."
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 the BII has accepted into the Venture House program are:
- TriptoBIO is developing a high-value plant compound production platform focused on triptolide to liberate the world from rat poison.
- Agrobiomics develops transformative natural solutions, with a vision of securing sustainable food supply, that make agriculture resilient to climate change. The Company's solutions are affordable and highly potent, thereby enabling growers globally to increase yields of crops affected by abiotic stress such as salinity and drought.
- MATR Foods is producing delicious new plant food from the side streams of the current food industry.
- HHC Medical is building a platform technology for non-viral delivery of genetic therapies. The approach will enable genetic therapies to be delivered very specifically to a target volume anywhere in the body.
- Solid Therapeutics is developing novel cancer therapeutics with dual performance targeting cancer cells and immune cells to treat solid tumors.
- FimmCyte is dedicated to developing tailored women's health therapeutics. FimmCyte's lead program, FMC2, is a first-in-class disease-modifying treatment for endometriosis. FimmCyte is jointly supported by BII and Ferring Pharmaceuticals through a strategic collaboration.
Since its inception in 2018, BII has supported 87 start-ups and projects with EUR 85 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 424 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
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