Finnish startup FinnAdvance has recently raised 1.2 million euros in a seed funding round led by Finland’s life science investor, Athensmed with the participation of Takoa Invest, a new investor. The round was also backed by the company’s existing investors Voima Ventures and Icebreaker. The capital will help the company to reach out to new markets starting with the USA and accordingly expand its team. Oulu-based biotech is planning to launch its full product line soon.
The company designs multiple Organ-On-Chips that can mimic various tissues in humans and animals. This helps scale down animal tests and reduces drug development costs by 26%. It leads to more accurate biomimetic for target biology and success in clinical trials with better pre-clinical data.
Finnish Organ-On-Chip startup Finnadvance raises a €1.2 million seed funding round to expand to foreign markets
Finnish Organ-On-Chip startup Finnadvance announced that they’ve secured a €1.2 million seed financing round led by Finnish investor Athensmed. Several existing investors, such as deep tech VC Voima Ventures and early-stage VC Icebreaker, are participating in the funding round. In addition, the funding also includes a new investor: Takoa Invest.
Finnadvance is a biotechnology start-up from Oulu, Finland. The 3 year old company develops platforms which recreate tissue models with microfluidic flow patterning and hydrogel coatings. These models simulate tissue and organ function, mechanics and physiological response, simulating human organs in miniature.
“Our technology allows for more human-like preclinical drug testing, fast repurposing of old drugs and, in the long term, development of personalized therapies and medicines,” states Finnadvance’s CEO Prateek Singh.
The €1.2 million funding round will greatly help the company in expanding their operations to foreign markets. With commercial activities in South Korea and Europe, Finnadvance is now heading to the US market. The company has received numerous EU and National funded grants to accelerate product research and development, and are now rapidly scaling their team.
“Finnadvance’s industry ready tissue modeling platform accelerates scientific and commercial drug research and brings remarkable savings in both cost and time. Prateek and his team have done an amazing job to bring this technology from an idea to a product. The IPR is also truly impressive”, explains Kustaa Piha, the CEO of Athensmed.