April 29, 2020
Finnadvance, a Finnish biotech startup from Oulu Finland in the Icebreaker portfolio, announces today that they have closed a seed round of €550k led by deep tech fund Voima Ventures and Finnish biotech business angels Leena Niemistö and Sauli Törmälä.
Finnadvance manufactures multi-channel 3-D microfluidic organ-on-a-chips that simulate the activities, mechanics and physiological response of entire organs and organ systems. In short, the company simulates the human body’s physiology on a microfluidic device, where small tissue and organ fragments are grown for molecule and drug testing. The technology allows more human-like pre-clinical drug testing, fast repurposing of old drugs and in the long-term development of personalized therapies and medicine.
“Our goal at Finnadvance is to create a body-on-a-chip which could be used to test medications and treatments before they are administered to a patient. This way performance of different medications and treatments could be tested in advance and the patient would receive only the best, most suitable medication for them. Selecting the right medication with organ- or body-on-chips both speeds up the process substantially and greatly improves the safety as well as patient outcomes. Futuristic, but this can be a reality in 3-5 years! This funding round boosts Finnadvance’s plans for rapid organic growth in the Oulu area and we hope to provide job opportunities at different skill levels in a rapidly developing biotech start-up environment.” says Prateek, the CEO of Finnadvance.
With the newly added funds, Finnadvance can start their first product projects with their customers, such as Orion Pharma, the Finnish Red Cross Blood Service, University of Helsinki, University of Eastern Finland Kuopio, and others.
“We at Voima Ventures are eager to see how a company like Finnadvance can change the way the drug testing is perceived and executed. There is a tremendous effect of such innovations on one person’s life and later nations. Welcome to Voima ventures family, Finnadvance team“, says Inka Mero, Managing Partner of Voima Ventures.
We at Icebreaker.vc wish the team over at Finadvance the best of luck and are looking forward to seeing how your projects come along!