The BioInnovation Institute (BII), an international commercial foundation with a non-profit objective incubating and accelerating life science research, says four companies have joined its new Venture House program.
Formerly known as Creation House, the new Venture House program consists of the same 18-month long program with a risk-free convertible loan of €1.3 million ($1.3 million). The change in strategy enables the BII to support the early-stage start-ups that have already benefited from its 12-month Venture Lab program, created to support business acceleration, scientific and team development.
Following internal analysis, the BioInnovation Institute team has determined that by leveraging the existing Venture Lab platform and offering an add-on funding opportunity, exclusively to those companies that have already spent a year at the BII and have built relationships with the team and its network, the BII will be better placed to support these companies in their next phase of growth.
Bobby Soni, chief business officer, at BII, said: “We are thrilled to present our new Venture House program. We have had great success in building our Venture Lab program 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 program. We look forward to continuing to support these four innovative companies and accelerate their growth”.
In 2021, as part of the BII’s Venture Lab program that supports business acceleration, scientific development and team development, each Company received a risk-free convertible loan of €500,000 ($500,000) plus access to labs and offices at the BII’s entrepreneurial ecosystem in the center of Copenhagen.
The new companies the BioInnovation Institute has accepted into the Venture House program are: EvodiaBio, a bio-industrial company producing sustainable, natural aromas for the food and beverage industry; HEI Therapeutics, a digital therapeutics company developing the world’s first medical-grade home monitoring solution for patients with hypothyroidism; Stimuliver, which is developing disruptive liver implant technology to treat critically failing liver function in humans; and AMPA Medical, which is working in the field of ostomy care and has developed an internal solution to replace the ostomy bag.
Since inception in 2018, the BioInnovation Institute has supported 62 start-ups and projects with €50 million ($50 million) in funding. BII’s start-ups have in total raised more than €207 million ($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.