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Friday, March 1, 2024

Finnish health tech startup receives capital for better use of GDPR-free data

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Helsinki-based VEIL.AI, a spin-out from FIMM (Institute for Molecular Medicine Finland) receives debt financing from BioInnovation Institute (BII), a Denmark-based international commercial foundation with a nonprofit objective supported by the Novo Nordisk Foundation. BII will be supporting three international startups including VEIL.AI. Each of them raises investing a risk-free convertible loan of €1.3M and will be a part of the BII’s community of life science start-ups.

The Finnish startup VEIL.AI’s technology enables better use of health data for research, development, and innovation. The other two, Myopax and Sevenless Therapeutics, also carry great potential therapeutic and health tech space. The BII team and its network of experts will support them not only financially, but also as a guide in the rollout of detailed development plans concerning drug development, good manufacturing practice, and regulatory strategy.

VEIL.AI provides AI and ML-based big data analytics and data anonymization solutions. It allows teams to secure and protect data utility, and manage data knowledge using machine learning technologies. It offers an anonymization engine that helps teams to access data, manage data quality and can analyze both structured and unstructured data. It caters solutions to healthcare and utility-based industries.

VEIL.AI, BioInnovation Institute, Bobby SoniBobby 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.”

VEIL.AI, Tuomo PentikäinenCEO 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.”

Click here to read more funding news.

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Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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