Copenhagen-based BioInnovation Institute (BII), an international commercial foundation with a non-profit objective of incubating and accelerating life science research, announced on Tuesday that four companies have joined its new Venture House programme.
This new Venture House programme, previously known as Creation House, comprises an 18-month programme with a risk-free convertible loan of €1.3M.
With this new approach, BII aims to assist early-stage startups that have already benefited from its 12-month Venture Lab programme, which was designed to support business acceleration, scientific research, and team building.
Bobby Soni, Chief Business Officer at BioInnovation Institute, says, “We are thrilled to present our new Venture House programme. We have had great success in building our Venture Lab programme as a solid platform for innovation and we believe that leveraging this existing platform will drive product innovation and ecosystem growth. By introducing this add-on funding opportunity, it will be even more attractive and exclusive for companies to be part of the programme. We look forward to continuing to support these four innovative companies and accelerate their growth.”
The Venture Lab programme supported 62 startups in 2021
Each startup received a risk-free convertible loan of €500K in 2021 as part of the BII’s Venture Lab programme. Besides providing support for business acceleration, scientific development, and team development, the programme also gives access to labs and offices at the BII’s entrepreneurial ecosystem in Copenhagen. Thus, after entering the Venture House programme, they have received a total of €1.8M.
The following new businesses have been admitted by the BII into the Venture House programme:
EvodiaBio: It is a bio-industrial company creating natural, sustainable scents for the food and beverage sector. The company’s yeast-based technology offers customers a non-alcoholic beer without sacrificing flavour.
HEI Therapeutics: It is a digital therapeutics company that claims to produce the world’s first medical-grade home monitoring solution for patients with hypothyroidism based on microfluidics, microtechnology and artificial intelligence.
Stimuliver: The company is developing liver implant technology to treat critically failing liver function in humans. As more and more people suffer from chronic liver disease, Stimuliver’s 3D implants will support the liver, assisting patients in maintaining vital organ function levels.
AMPA Medical: It is a specialist in ostomy treatment that has created an internal solution to take the place of the ostomy bag. AMPA aims to eliminate time-consuming, emotional, and physical barriers associated with the usage of ostomy bags by utilising “revolutionary” technologies.
About the BioInnovation Institute Foundation
The BioInnovation Institute Foundation is an international commercial foundation with a nonprofit objective supported by the Novo Nordisk Foundation. The firm operates an incubator to accelerate life science innovation that drives the development of new solutions by early life science startups for the benefit of people and society.
BII offers startups and early-stage projects within health tech, therapeutics, and bio-industrials labs, office facilities, business development, startup business incubation, access to mentoring and international networks, plus funding opportunities of up to €1.3M per startup and €2.4M per project.
According to BII, since its inception in 2018, it has supported 62 startups and projects with €50M in funding. Over €207M have been invested in BII startups overall by domestic and foreign investors. With the support of its workforce, early-stage startups have the chance to advance to the next level with the aid of venture finance, pharmaceutical, and business experience. BII’s recent portfolio company successes include Adcendo, Stipe Therapeutics, Twelve Bio, Octarine Bio, and Cirqle Biomedical.
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